Oil prices demonstrate multidirectional dynamics

Morning trading in the oil market on Monday testifies to the multidirectional dynamics of quotations. By 8:24 am Moscow time, a Brent oil barrel rose by 23 cents or 0.25% to $93.50. At the same time, the charge of a WTI oil barrel drop by 29 cents or 0.31% to 92 dollars 2 cents. As a result of trading last Friday, Brent oil contracts rose in rate by $2.16, or 2.4%, to $93.27 per barrel. Contracts for WTI crude rose $2.26, or 2.04%, to $92.31 a barrel. The growth of oil prices was facilitated by investors’ anxiety about the intensification of the geopolitical state of affairs. In addition, they fright that the countries participating in the OPEC + agreement will not be competent to fully fulfill obligations to increase oil production. Difficult weather conditions in the United States also supported the quotes. Severe frosts in Texas caused a reduction in oil production in this region. Some analysts believe that prices on the oil market will rise to $120 shortly.

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Arseny Kudrin

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