Oil prices are recovering on Friday after updating their lows since August in the previous session.
The cost of December futures for Brent on the London ICE Futures exchange at 8:09 a.m. on Friday is $84.2 per barrel, which is $0.13 (0.15%) higher than at the close of the previous session. On Thursday, the price of these contracts fell by $1.74 (2%) to $84.07 per barrel, the lowest since August 24.
Futures for WTI for November in electronic trading on the New York Mercantile Exchange (NYMEX) have risen by $0.21 (0.26%) to $82.52 per barrel by this time. At the end of the previous session, the value of these contracts decreased by $1.91 (2.3%) to $82.31 per barrel, the lowest since August 30.
The day before, oil fell in price on the prospects of weakening global demand, which outweighed concerns about limited supply. In particular, data from the U.S. Department of Energy on Wednesday showed a significant decline in demand for gasoline. Its stocks jumped by 6.48 million barrels in the United States last week, the ministry said. At the same time, oil reserves decreased by 2.22 million barrels.
The consensus forecast of analysts polled by S&P Global Commodity Insights was for gasoline reserves to remain unchanged and for oil stocks to decline by 1.4 million barrels.
