Oil prices rise

MOSCOW, September 14 (Itar-Tass) – RIA Novosti. World oil prices rise on Friday morning as part of a correction after a significant drop the day before against the backdrop of comments by the International Energy Agency (IEA), according to the bidding data.

As of 7.46 Moscow time, the value of November futures for the North Sea oil blend of Brent brand grew by 0.2%, to 78.34 dollars per barrel. The price of October futures for WTI crude oil rose by 0.32%, to 69.81 dollars per barrel. The day before the decline in oil prices reached 2%.

On Friday, the oil market wins the losses of the previous trading day, which occurred after the IEA reported that despite the growing demand for raw materials, global economic risks are still increasing. Investors fear that they may affect the world oil market.

Support for the cost of raw materials on Friday continue to have concerns about the risk of interruptions in its exports from countries such as Iran and Venezuela. “Significant support for oil prices is a concern of market participants regarding the supply of raw materials to the world market,” – leads the agency Reuters opinion of analysts ANZ Research.
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Novak said the reasons why the price of oil exceeds the market price by $ 5-6

MOSCOW, September 13 (Itar-Tass) – RIA Novosti. Trade wars and US sanctions against Iran keep the cost of oil at $ 5-6 above the price reflecting the real balance in the market, Energy Minister Alexander Novak told CNBC, excerpts from which are published on the website of the Russian ministry.

During the interview, the minister expressed his commitment to decisions aimed at balancing the world market. According to him, if Russia and its partners face a shortage of oil, which will put pressure on prices, there will be a need to decide on the growth of production.

“In addition to the balance of supply and demand, prices are influenced by other factors, for example, trade wars and US sanctions against Iran, according to the minister, this keeps the cost of oil at $ 5-6 above the price reflecting the real balance in the market,” – according to the website of the Ministry of Energy of the Russian Federation.

As of 12.09 Moscow time, the November futures price for the North Sea petroleum mixture Brent was down 0.87%, to 79.05 dollars per barrel. The price of October futures for WTI crude oil fell by 1.46%, to 69.34 dollars.