December Brent futures on Monday rose by 0.3%, and the cost of the futures on WTI – 0.36%.
Oil prices are rising on the morning of Monday, 22 October, as investors weighed the pace of production growth in the U.S. and the prospects of oil production in Libya.
So, December futures for Brent on London’s ICE Futures exchange rose 0.3% to us $at 80.02 per barrel. The cost of the futures on WTI for November, the auction which ends on Monday in the electronic session on the new York Mercantile exchange (NYMEX) rose by 0.41% to $69,40 per barrel.
The more actively traded December contract for WTI on Monday rises in price on 0,36% – to $69,53 per barrel.
Today the Minister of energy of Saudi Arabia Khalid al-falih said that his country will soon be increasing production to 11 million b/d and, if necessary, may increase to 12 million b/d. the oil Market is currently balanced, but if the supply will fall by 3 million b/d, Saudi Arabia alone will not be able to compensate for this decline, the Minister added.
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