Oil prices are slightly rising in trading on Monday.
The cost of December futures for Brent on the London ICE Futures exchange at 8:15 a.m. on Monday is $92.32 per barrel, which is $0.12 (0.13%) higher than at the close of the previous session. On Friday, the price of these contracts fell by $0.9 (1%) to $92.2 per barrel.
Futures for WTI for November in electronic trading on the New York Mercantile Exchange (NYMEX) rose by $0.14 (0.15%) to $90.93 per barrel by this time. As a result of the previous trading, the value of these contracts decreased by $0.92 (1%) to $90.79 per barrel.
Concerns about a potential supply shortage in the market supported oil prices in September. Many analysts are still confident that prices will continue to move up to $100 per barrel, Market Watch notes.
Brent rose by 9.7% last month and by 27.3% in the third quarter, while WTI rose by 8.6% and 28.5%, respectively.
“The impetus for price growth, driven by fears of a supply shortage in the market, had exhausted itself by the end of last week,” said Vanda Insights founder Vandana Hari. – “Now we are likely to see a consolidation phase until new market drivers emerge.
This week (October 2-5), the 27th ADIPEC 2023 International Oil and Gas Exhibition and Conference will be held in Abu Dhabi (UAE), which may give new signals about what to expect in the oil market in the near future. Among the speakers at the conference are OPEC Secretary General Haisam al-Ghais and UAE Energy Minister Suheil al-Mazroui.
