On Wednesday, October 24, black gold rises in price, recovering after falling 4% a day earlier. According to experts, the price increase is due to a possible increase in the supply of raw materials from Saudi Arabia.
Analysts have fixed the correction in the oil market after the reduction of raw materials by 4-4.3%. They explain this decline with comments from Saudi Arabian Energy Minister Khalid al-Falih. Recall, a Saudi official said that he does not exclude an increase in oil production in the country to 11-12 million barrels per day. Experts believe that this will help fill up the volume of Iranian oil, leaving the world market in connection with the introduction of US sanctions.
According to experts of the American bank Morgan Stanley, they are confident in the rise in prices for black gold. According to analysts, by the end of this year, the cost of Brent crude oil will reach $ 85. This will be facilitated by United States sanctions against Iran, which will lead to a reduction in exports of raw materials from the Islamic Republic.
The cost of futures for North Sea petroleum mix Brent for December delivery rose 0.37% to $ 76.72 a barrel. The price of December futures for light crude oil of mark WTI increased by 0.21%, to $ 66.57 per barrel.
The material has been provided by InstaForex Company - www.instaforex.com