The price of November futures for Brent oil increased by 0.69% to $95.08 per barrel, for the first time since November 15 last year. Futures for WTI grew in price by 0.83%, to $91.33.
Expectations of a market deficit amid efforts by OPEC+ countries to reduce production continue to support oil prices. OPEC and the International Energy Agency (IEA) pointed out the supply shortage last week in their reports.
"Risks of a short-term spike to $100 may be rising with the current momentum but we have little conviction it would be sustainable,” said Charu Chanana, market strategist at Saxo Capital Markets Pte. "Higher inflation could mean tighter monetary policies and OPEC+ can't control the demand side.”
Against the backdrop of price pressure, traders will monitor the results of the meeting of the US Federal Reserve System (FRS). The American regulator has been raising rates since last year amid accelerating inflation. On September 20, as expected, the Fed may keep the rate at the current level of 5.25-5.5% per annum following the September meeting.
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