Oil prices decline slightly after four-day gains

Global oil prices fell slightly on October 7 morning after rising over the previous four days, reported from the auction data.

The price of December futures for Brent crude fell by 0.21% to $94.22 per barrel, November futures for WTI - by 0.18% to $88.29.

The growth in oil prices was mainly due to the decision of the OPEC+ alliance to reduce production by 2 million barrels per day from November.

In addition, on October 6, the EU introduced a number of restrictions on the transportation of oil and petroleum products from the Russian Federation for the winter, which also supports the growth in prices.

Baker Hughes, an oil and gas service company, is expected to publish weekly statistics on the number of active oil rigs in the US later on October 7. During the previous working week, their number increased by two - up to 604 units.





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