Oil prices, at the end of trading on Thursday, declined, and continue going down on Friday, Interfax reports.
Oil stocks at a terminal in the US's Cushing, decreased by 2.4 million barrels last week, to the lowest level since October 2018. At the same time, Saudi Arabia said that OPEC+ could do little to overcome the global energy crisis.
"The upward trend in oil prices amid the energy crisis is unlikely to stop without a strong trigger," said Vandana Hari, founder of Vanda Insights.
The cost of Brent December futures at the London stock exchange ICE Futures by 8:15 am Kyiv time on Friday amounted to $84.26 per barrel, which is $0.35 (0.41%) below the price at the close of the previous session. As a result of trading on Thursday, the price went down by $1.21 (1.4%) to $84.61 per barrel.
The price of WTI December futures at the New York Mercantile Exchange (NYMEX) dropped by this time to $82.24 per barrel, which is $0.26 (0.32%) below the final value of the previous session. The day before, the value of these contracts dropped by $0.92 (1.1%) to $82.5 per barrel.
“Even though some forecasts suggest a rise in oil prices to $100 per barrel, the current price level is starting to seem too high for traders who are always looking to lock in profits,” said Louise Dixon, chief oil analyst at Rystad Energy.