Brent oil fell to $99.11 a barrel


12 August 2022

Oil prices are falling during the trading session on Friday after a steady increase in the previous trading session, Interfax reports.

 The cost of October futures for Brent on the London ICE Futures exchange by 8:08 am Moscow time on Friday was $99.11 per barrel, which is $0.49 (0.49%) lower than the closing price of the previous session. As a result of previous trading, these contracts rose in price by $2.2 (2.2%) to $99.6 per barrel.

 The price of futures for WTI for September in electronic trading on the New York Mercantile Exchange (NYMEX) by this time amounted to $93.81 per barrel, which is $0.53 (0.56%) less than the final value of the previous session. By the close of the market on Thursday, the value of these contracts rose by $2.41 (2.62%) to $94.34 per barrel.

 Meanwhile, for the week, the price of Brent could show an increase of almost 5%, WTI – more than 5%, according to Trading Economics.

 Meanwhile, OPEC, in its own monthly report, lowered its forecast for oil demand growth this year by 0.3 million barrels per day to 3.1 million bpd due to some regional changes. Thus, in 2022, according to the organization, oil consumption will be 100.03 million b/d, and not 100.3 million b/d, as previously expected. OPEC still believes that this forecast assumes «healthy» demand for the energy resource, the report says.