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The world oil prices are growing on Friday morning after six days of decline.
Report informs, citing Prime, that as of 08.55 Baku time, the price of October futures for Brent oil rose by 0.5%, to $66.77 per barrel. The October futures for WTI increased by 0.6% to $63.88 per barrel, while September futures grew by 0.58% to $64.06.
The prices dropped for six previous trading sessions, reaching the minimums recorded in May. Since earlier this week, the cost of Brent oil has fallen by 5.5%, and WTI showed a 6.7% decline.
Throughout the week, the market was dominated by fears for the recovery in demand caused by the renewed growth in global coronavirus tally, including due to the statistics from China, released Monday.
The dollar strengthening after the publication of the minutes from the July session of the US Federal Reserve System, which noted the possible collapse of economy-boosting measures already this year, was additional pressure on oil prices.
A strategist at the UBS Wealth Management, Wayne Gordon, told Bloomberg that on the background of all these factors, the investors refused to take the risk causing a decline in oil prices. The analyst noted, however, that the decline in crude prices is limited to current levels.
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https://report.az/en/energy/oil-surges-after-six-days-of-decline/