MOSCOW, September 12 World oil prices rose on Tuesday by an average of 1.5%, and the cost of Brent rose above $92 per barrel – for the first time since November 17, 2022, a positive assessment of the market by investors, follows from the trading data.
As of 17.31 Moscow time, the price of November futures for Brent oil increases by 1.56% – to $92.05 per barrel, for the first time since 17 November last year, exceeding the $92 mark.
October futures for WTI at the same time rise in price by 1.79%, to $88.84 per barrel.
“The oil industry feels a collective risk rally while there is a perception – and actual – tightening,” an analyst at brokerage PVM Oil Associates Ltd told Bloomberg. in London, John Evans.
On Tuesday, OPEC released its monthly report saying it will need to produce 30.7 million barrels per day in the fourth quarter to meet global demand. At the same time, according to the results of the third quarter, production averaged 27.4 million barrels per day. Thus, if OPEC maintains current production volumes, the gap between supply and demand in the last quarter of the year will be 3.3 million barrels per day.