Oil prices rising amid dollar depreciation

Global oil prices started growing during the day amid the depreciation of the US dollar against major world currencies, as well as risky sentiment in the stock markets, investors continue to assess the prospects around demand, Report informs referring to the auction data.

The price of November futures for Brent crude rose by 0.98% to $93.75 per barrel, October futures for WTI - by 0.84% ​​to $87.52. In the morning, quotes decreased by an average of 1.5%.

The dollar index (the exchange rate against a basket of currencies of six countries - US trading partners) fell by 1.07%, to 107.84 points. The depreciation of the US currency makes commodities, including oil, more affordable when buying in another currency.

Rising equity markets, meanwhile, support traders’ risk appetite, which is also good for commodity prices. Indices in Australia and Japan rose by 1%, stock prices in Europe rise on average within 1.5%.

09:59

Global oil prices fell on the prospects of a decrease in demand for it on September 12 morning, Report informs referring to the auction data.

The price of November futures for Brent crude oil fell by 1.44% to $91.52 per barrel, while October futures for WTI fell by 1.64% to $85.37.

Oil prices are under pressure from a potential decline in demand due to a possible recession in the global economy. This scenario is supported by the tightening of the central banks’ monetary policy and the increase in interest rates in the fight against high inflation.

In addition, the number of cases of coronavirus infection in China, the largest oil importer, continues to be in the spotlight there, with the country’s authorities maintaining restrictions on movement, thereby reducing gasoline consumption.