Oil rises in price after falling prices the day before

On Tuesday, there was a significant decline in oil quotes amid growing fears about a possible reduction in demand in China. On Wednesday morning, oil prices show growth. By 8:26 am Moscow time, the price of a barrel of Brent oil rose by 86 cents, or 0.86%, to $100.77. A barrel of WTI oil also rose in price. Its price rose 36 cents, or 0.37%, to $96.80. The day before, these brands of oil fell in price by 6.5% and 6.4%, respectively. As it became known, the epidemiological situation in China worsened. Strict restrictive measures have been introduced in some regions of the country. This may lead to a reduction in demand for oil from Chinese consumers. Experts note high volatility in the oil market. At the same time, its cause is not fundamental factors but geopolitics. They believe that in the near future, the oil will rise in price, although perhaps not as fast as it was previously observed. Investors are also evaluating the API information about the increase in oil reserves in the United States by 3 million 750 thousand barrels.

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Arseny Kudrin

Publicist, trader

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