Oil rigMOSCOW, Jan 14 World oil prices accelerated growth on Friday evening, and the price of Brent crude oil for the first time since October 27 exceeded $86 per barrel, according to trading data. the mark of $86 for the first time since the end of October and reached $86.09. February WTI futures rose 2.12% to $83.86.The analyst said what will happen to the world economy with a strong dollar. Oil quotes are growing, the weekly increase in value could be 5.2% and 6.4% for Brent and WTI, respectively. The quotes were supported by the depreciation of the dollar and expectations on the balance of supply and demand. Since the beginning of the week, the dollar index (the exchange rate against a basket of currencies of six countries — the main US trading partners) has lost 0.5%, while the indicator has been falling for the fourth week in a row. The weakening of the dollar supports oil prices, which in this case becomes more affordable when buying in another currency. The statistics from the USA also affected quotes. Thus, commercial stocks in the country over the past week fell by 4.6 million barrels instead of the expected 1.9 million, and the level of stocks dropped to a minimum since 2018. Investors also assessed the situation with the supply disruption from Libya, continuing to wait for the OPEC + meeting in early February and the decision of the alliance on production. «As we move from February contracts (on the WTI mark — ed.) to March, we may see some volatility … I think the market is already aware of the fact that we are in a situation of global supply shortages,» said Price Futures analyst Phil Flynn, quoted by the Wall Street Journal. Meanwhile, US oil and gas service company Baker Hughes published a weekly statistics of operating oil drilling rigs in the USA. For the week ending January 14, their number increased by 11, to 492 units.
