The oil market started the week lower
The oil market opened the week with a decrease amid tightening quarantine restrictions in China, which increased the pessimism of traders regarding the prospects for demand for fuel. Market participants are also evaluating the potential consequences of introducing a cap on Russian oil prices.
The price of November futures for Brent on the London ICE Futures exchange on Monday is $91.45 per barrel, which is $1.39 (1.5%) lower than the closing price of the previous session. As a result of trading on Friday, these contracts rose by $3.69 (4.1%) to $92.84 per barrel.
The price of futures for WTI oil for October in the electronic trading of the New York Mercantile Exchange (NYMEX) is $85.3 per barrel by this time, which is $1.49 (1.72%) lower than the final value of the previous session. By the close of the market on Friday, the value of these contracts increased by $3.25 (3.9%) to $86.79 per barrel.
As a result of the past week, the cost of Brent fell by 0.2%, WTI – by 0.1%.