Oil prices went up on Friday, but end the week in the red because of concerns of lower demand due to the return of restrictive measures in a number of countries, including France and the UK, as well as signs of a possible increase in supply, Interfax reports.
Crude Oil Brent futures price for November on the London ICE Futures exchange on Friday amounts to $42.17 per barrel, which is $0.23 (0.55%) higher than the price at the close of the previous session. As a result of trading on Thursday, these contracts went up by $0.17 (0.4%) to $41.94 per barrel.
The price of WTI crude oil futures for November on the New York Mercantile Exchange (NYMEX) by this time amounted to $40.53 per barrel, which is $0.22 (0.55%) higher than the level of the previous session. On Thursday, futures rose in price by $0.38 (0.1%) to $40.31 per barrel.
The price of Brent has fallen by 2.1%, while WTI – by 1.7% since the beginning of this week.
On September 24, Bloomberg with reference to oil traders reported about a sharp increase in the supply of Iraqi oil to be delivery in October. This may mean an increase in oil production in the country, which should, on the contrary, reduce production in excess of the established quotas in accordance with the compensation mechanism under OPEC+.
This week, the Libyan National Oil Corp. reported the resumption of oil production in the east of the country after the commander of the Libyan National Army (LNA) Khalifa Haftar had announced the lifting of an eight-month blockade of oil fields and ports.
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