Oil price decrease amid strengthening dollar

On Monday, oil prices are decreasing amid strengthening of the US dollar ahead of the start of a two-day meeting of the Federal Reserve System (FRS), Interfax reports.

The Federal Reserve System at a meeting on September 21-22 could lay the foundation for a reduction in the volume of buybacks of assets, currently amounting to $120 billion per month, experts interviewed by Bloomberg said.

The factors that supported oil prices last week, in particular, a significant decrease in crude stocks due to the slow recovery of production in the Gulf of Mexico, are coming to nought, said the founder of the Vanda Insights consulting company in Singapore, Vandana Hari.

The cost of Brent November futures on the London ICE Futures exchange by 8:15 am Kyiv time on Monday amounted to $74.8 per barrel, which is $0.54 (0.72%) below the price at the close of the previous session. As a result of trading on Friday, these contracts fell by $0.33 (0.4%) to $75.34 per barrel.

The price of WTI October futures in electronic trading on the New York Mercantile Exchange (NYMEX) by this time dropped to $71.35 per barrel, which is $0.62 (0.86%) below the final value of the previous session. On Friday, the value of these contracts dropped by $0.64 (0.9%) to $71.97 per barrel.

At the end of last week, Brent price went up by 3.3%, WTI – by 3.2%.

Tags: oil, USA, OPEC, price, petroleum products, oil deliveries, gasoline, oil reserves, economy, oil market

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