Brent crude for November 2022 delivery hit $103 a barrel for the first time since August 1. This became known at the end of trading on the London ICE exchange on Monday, August 29.
As of 21:27 Moscow time, the price of Brent oil reached $103.22.
At the same time, by 21:50 Moscow time, the rate of price growth slowed down, and at the close of the session, the cost of energy products amounted to $102.8 per barrel. This figure is 3.83% higher than the final figures of previous trades.
Earlier, on August 24, according to the ICE trading platform, the price of futures contracts for Brent oil rose to $101 per barrel.
On the eve of the price of futures for Brent crude for October 2022 delivery rose above $100 per barrel for the first time since August 12.
At the end of July, Igor Galaktionov, an expert on the stock market at BCS Mir Investments, predicted in an interview with Izvestia that the price of oil could rise to $115-116 per barrel. He drew attention to the fact that commercial oil reserves in the United States fell by 4.5 million barrels, stocks of the strategic petroleum reserve (SPR) – by 5.6 million barrels.
On July 6, Stanislav Mitrakhovich, an expert from the National Energy Security Fund, noted that various factors influence the oil market. The situation will change depending on whether Western pressure on Russia will increase and what will happen with the observance by Western countries of their own sanctions against the Russian Federation, he noted.