Oil prices are falling during trading on Friday after a steady rise the day before.
December futures for Brent on London’s ICE Futures exchange fell by $0.77 (0.79%) by 8:00 a.m. to $96.19 per barrel. As a result of trading on Thursday, they rose by $1.27 (1.33%) to $96.96 per barrel.
Quotes of WTI futures for December in electronic trading on the New York Mercantile Exchange (NYMEX) by the specified time decreased by $0.94 (1.06%) to $88.14 per barrel. According to the results of previous trading, they increased by $1.17 (1.33%) to $89.08 per barrel.
Despite Friday’s decline, oil prices may end the week with growth on the back of a sharp fall in the dollar, as well as data on US exports.
Meanwhile, investors remain cautious amid an uncertain demand outlook due to rising inflation, higher interest rates and growing recession risks, writes Trading Economics.
Earlier this week, it became known that US commercial oil inventories increased by 2.59 million barrels last week, while experts polled by Bloomberg expected a more moderate increase – by 1.5 million barrels.
The US Department of Energy report also reported that gasoline inventories fell by 1.48 million barrels, while distillate reserves increased by 170 thousand barrels. Analysts predicted a decline in gasoline by 1.5 million barrels, distillates – by 1 million barrels.
