On Wednesday oil began to move away from November highs

By Wednesday, the price of oil had rolled back from the area of local highs amid uncertainty about the future course of monetary policy of the US Federal Reserve System. Investors are closely monitoring changes in interest rates, as they may affect economic performance and energy demand.

Today, during the day, the price of Brent declined to $92.77 per barrel after rising to $95.50 last week (the maximum since November 2022). The current quote of the asset is $94.17 per barrel. 

North American WTI oil shows a similar dynamics: in the morning it declined to $88.97 after rising to highs near $92.30 per barrel. The current WTI quote is $90.38. 

The decline in prices from the November highs could also cause the news that offshore oil supplies from Russia reached a three-month high, contrary to the promises of the Russian authorities.

However, in general, a bullish trend remains in the market: oil prices in the world are supported by a deficit caused by the efforts of OPEC+ countries. Already this year, the deficit may amount to 2 million barrels/day. Industry experts and oil company executives suggest that oil prices may soon reach $100 per barrel.

One of the reasons for such forecasts is the reduction of supply on the world market due to the actions of Russia and Saudi Arabia. China's economic recovery has an additional impact. It should be noted that American shale oil producers do not seek to increase drilling, but production at existing fields is growing at the same time – due to their more efficient use.