Oil prices almost do not change on Tuesday after the end of trading on the previous day with growth.
The cost of November futures for Brent crude on the London ICE Futures exchange by 8:30 am UTC is $92.08 per barrel, which is $0.08 (0.09%) higher than the closing price of the previous session. As a result of trading on Monday, these contracts rose by $0.65 (0.7%) to $92 per barrel.
The price of futures for WTI oil for October in the electronic trading of the New York Mercantile Exchange (NYMEX) fell by this time by $0.06 (0.07%), to $85.30 per barrel. By the close of the market on Monday, the value of these contracts increased by $0.6 to $85.36 per barrel.
The focus of traders this week is a number of meetings of the central banks in the world, including meetings of the Fed and the Bank of England. Fears related to the fact that the rapid tightening of monetary policy by the world’s central banks will lead to a recession in the global economy and a drop in oil demand are one of the key factors pushing down the oil market in recent months.
Meanwhile, a potential increase in supply in the market may also have a negative impact on oil prices. The administration of US President Joe Biden has announced that it will sell an additional 10 million barrels of oil from the strategic reserve, writes Bloomberg.
In addition, the UAE national oil company Adnoc announced measures to increase production to 5 million barrels of oil per day by 2025 from the current 3.4 million barrels per day.
Meanwhile, refineries in China have submitted bids to supply an additional 15 million tons of petroleum products as part of the export quota, which could increase the supply of fuel in the world.
