Oil prices are rising on Monday after a sharp decline last week.
The cost of January futures for Brent on the London ICE Futures exchange as of 7:10 a.m. on Monday amounted to $85.3 per barrel, which is $0.41 (0.48%) higher than at the close of the previous session. On Friday, the price of these contracts fell by $1.96 (2.3%) to $84.89 per barrel.
December futures for WTI in electronic trading on the New York Mercantile Exchange (NYMEX) rose by $0.5 (0.62%) to $81.01 per barrel by this time. As a result of the previous trading, the value of these contracts fell by $1.95 (2.4%) to $80.51 per barrel.
Last week, Brent lost 4.8%, WTI – 5.9%, according to Dow Jones.
Concerns about the escalating conflict in the Middle East have eased somewhat, and traders’ attention has shifted to the prospects for oil supply and demand on the global market, Market Watch notes.
On Sunday, the Saudi state agency reported, citing an official source in the Ministry of Energy, that the country would not change the volume of voluntary oil production cuts, and would keep it at 1 million bpd until the end of 2023. At the same time, the source noted that in December, Saudi Arabia will review the parameters of the restrictions in order to make a decision either to deepen the reduction or increase production.
