Oil prices are rising during trading on Tuesday after a moderate decline in the previous session.
The cost of December futures for Brent crude on the London ICE Futures exchange by 8:06 am CST on Tuesday is $92.37 per barrel, which is $0.75 (0.82%) higher than the closing price of the previous session. As a result of trading on Monday, these contracts fell by $0.01 (0.01%) to $91.62 per barrel.
The price of futures for WTI oil for November in electronic trading on the New York Mercantile Exchange (NYMEX) rose by this time by $0.82 (0.96%), to $86.28 per barrel. By the close of previous trading, the value of these contracts fell by $0.15 (0.2%) to $85.46 per barrel.
The market is supported, among other things, by the weakening of the dollar, which is depreciating against major currencies on Tuesday amid increased risk appetite, writes CNBC. Meanwhile, concerns about a potential recession in the global economy limit the growth of oil prices.
Downward pressure on oil prices continues to be exerted by concerns about the tightening of the monetary policy of many major central banks of the world, aimed at curbing inflation, writes Trading Economics.
Meanwhile, China is expected to maintain loose monetary policy to support the economy amid COVID-19-related restrictions.
Market participants are preparing to cut OPEC+ oil production. As reported, in early October, OPEC + decided to reduce oil production quotas from November by 2 million barrels per day.
