Oil prices rise slightly

Global oil prices rose on October 25 morning, reported from the auction data.

The price of December futures for Brent crude rose by 0.34% to $91.52 per barrel, December futures for WTI grew by 0.34% to $84.87.

On October 25 morning, oil prices were rising after a noticeable decline on October 24. Thus, on October 24 the cost of WTI oil fell by 0.56%, and Brent dropped by 2.45%.

The fall in prices was mainly due to the markets' response to reports of Xi Jinping's election for a third term as General Secretary of the CPC Central Committee and Chairman of the Military Council of the CPC Central Committee. Investors, in particular, have become wary of China’s continued crackdown on the coronavirus, which in turn is hurting the economy and thereby reducing demand for oil.

In addition, the statistics of the main customs administration of China had a negative impact on the cost of oil, according to which the volume of imports of this raw material into the country has already decreased by 4.3% in annual terms in the first three quarters of the year.





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