Oil quotes sharply accelerated their growth on Friday and may end the week with a record rise in several months. The market is supported by expectations of restrictions on global oil supplies. The current quotation of Brent crude oil is $88.30 per barrel. North American WTI oil is trading near $85.15 per barrel. During August, Brent rose by 1.5%, and WTI – by 2.2%, ending the third month in a row with positive dynamics. On the previous Thursday, Brent rose by 1.9% and WTI by 2.5%, which could make this week a record increase in oil prices since April. The rise in oil prices is influenced by expectations that leading oil exporters will continue to reduce supply, while demand for oil will grow as the global economy recovers. Saudi Arabia, for example, may extend a voluntary reduction in oil production by 1 million barrels in October. In addition, Russia and the OPEC+ countries have reached agreements on reducing the supply of Russian oil to world markets. Details of this decision will be announced next week. Additional support for prices is provided by hopes that the US Federal Reserve may stop raising interest rates in light of slowing inflation, as well as the announced incentives for the Chinese economy. In general, analysts note positive dynamics in the oil sector and believe that prices can continue their growth and overcome the $90 per barrel mark, although there are certain risks that may affect the rally.
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