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Oil quotes are stuck in the range of $91-93 per barrel


October, 18 2022
watermark Economic news

For several days now, the oil market has been showing increased volatility in the range of $91-93 per barrel. The current price of Brent crude oil is $92.10 (yesterday's low of $91.40). North American WTI oil is trading near the level of $85.30 per barrel (yesterday's low is $84.30).


Today, the oil market is on the rise against the background of a local weakening of the US dollar, which is getting cheaper due to increased investor appetite for risk. At the same time, concerns about a potential recession in the global economy limit the growth of oil prices.


In addition, the downward pressure on oil prices continues to be exerted by concerns about the tightening of monetary policy of many major central banks of the world, aimed at curbing inflation. At the same time, China is expected to maintain a soft monetary policy to support the economy in the face of restrictions related to the coronavirus.


The market dynamics is also affected by the decision of OPEC+ to reduce oil production. As you know, in early October, the organization agreed to reduce production quotas by 2 million barrels per day, starting in November.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.