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Oil: prices are regaining ground and are poised to rise around 2% per week

29/09/2023
Source : ORISHAS FINANCE
Categories: Raw materials

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After regaining ground on Friday, oil prices are expected to rise about 2% per week;

At the end of the week, December Brent futures gained 13 cents to trade at $93.23 per barrel at 0335 GMT and the November Brent futures, which expire on Friday, rose 5 cents to $95.43 per barrel. U.S. West Texas Intermediate (WTI) crude rose 16 cents to $91.87 per

barrel.

In the previous session, the market fell by about 1%. Traders took their profits after prices hit 10-month highs, with some worried that high interest rates could weigh on oil demand. American oil production is also expected to slow due to the drop in the number of platforms. The fall in supply and the record global demand of 103 mb/d could lead the market to a deficit of more than 2 mb/d in the

last quarter.
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