MOSCOW, September 22World oil prices are rising moderately on Friday evening due to long-term market factors, in particular, expectations of a reduction in the supply of this raw material from OPEC+, as well as due to a decrease in drilling activity in the United States, according to trading data and analyst commentary.
As of 20.07 Moscow time, the price of November futures for Brent oil is growing by 0.27%, to $93.57 per barrel, and November futures for WTI — by 0.74%, to $90.29.
“Brent oil has already crossed the $95 mark and could rise to $100 if OPEC+ continues to hold back supplies,” Market Watch quoted City Index and FOREX.com market analyst Fawad Razaqzada as saying.
Also earlier on Friday, data from the American oil service company Baker Hughes on the number of operating oil drilling rigs in the United States was published. In the week ending September 22, their number decreased by eight, to 507 units. This also indicates a possible decrease in supply in the near future.
At the beginning of the month, Saudi Arabia announced the extension of a “voluntary” (that is, additional to the limit within OPEC+) production reduction, and Russia announced the same extension of the export reduction. At the same time, OPEC in its report forecasts for the fourth quarter the difference between supply and demand on the world market at 3 million barrels.
The market continues to be influenced, among other things, by the news about a temporary ban on the export of gasoline and diesel fuel from the Russian Federation. The Russian government introduced it to “stabilize the domestic market.” The Ministry of Energy commented on Thursday that the restrictions being introduced will make it possible to stop the “gray” export of motor fuel and saturate the domestic market. The ministry expects that the measure could lead to an additional reduction in prices.