Oil prices growing 3% | Report.az

Global oil prices accelerated their growth on August 23 afternoon compared to the morning dynamics, against the background of rising stock markets after last week’s sales, according to trading data, Report informs referring to Prime agency.

The price of November futures for Brent crude oil rose by 3.1 percent to $66.76 per barrel, October futures – by 3.18 percent to $67.25 per barrel. September futures on WTI oil rose 3.04 percent to $64.03. In the morning, oil rose in price by 1.8 percent.

Last week, significant sales were observed on global markets. As a result, oil prices fell by 7-9 percent – this is the strongest decline since October. Copper also fell in price – by 5.8 percent, stock exchanges in the Asia-Pacific region dropped for a week within 5.8 percent, in the Europe region – by almost 1-4 percent, the US – by about 0.5-1 percent.

Investors were worried about the spread of the coronavirus Delta strain, fueling fears about a possible tightening of quarantine restrictions and the prospects for economic recovery and demand. On August 23, prices and indices were already showing growth: copper rose in price by 2 percent, Asian stock exchanges rose to 2.3 percent, European – within 1 percent.

The growth of oil prices is supported by the weakening of the US dollar, which makes this type of crude more accessible to investors who own other currencies. The dollar index (the US dollar exchange rate against a basket of currencies of six countries – the main trading partners of the US) fell by 0.22 percent, to 93.29 points.