Oil rises in price at the close of the trading session on Friday

As of 20:09 GMT+3, the price of September futures for Brent crude grew by 2.73% to $110.06, October futures - by 2.24% - to $104.11 per barrel, September futures for WTI — by 2.82%, to $99.14. September Brent crude is trading above $110 a barrel for the first time since July 5.

Pressure on quotes is exerted by fears of a recession in the global economy and, accordingly, a decrease in demand for energy resources. At the same time, experts warn that the supply of oil on the market may be insufficient.

Craig Erlam, senior market analyst, noted that oil prices are rising again amid reports that OPEC+ will leave production targets unchanged next month when they meet on Wednesday.

At the same time, since the beginning of the month, quotes have decreased by 4.5% for Brent and 6.6% for WTI. Demand concerns intensified in the markets amid recession risks.

Earlier Friday, Baker Hughes, an American oil and gas service company, released weekly data on the number of operating oil rigs in the US. In the week to July 29, their number increased by six units compared to the previous week and amounted to 605 units.

News are provided by InstaForex

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