Oil prices decline, ending the week in the red

At the end of the week, oil is losing ground again, coming under pressure from fears of a recession in the global economy after interest rates were raised by central banks around the world. The US Federal Reserve System, the Bank of England and the Swiss Central Bank raised interest rates. At the same time, the Central Bank of Japan left the rate at a negative level of minus 0.1%, maintaining a soft policy.

The current price of Brent oil is $87.60 per barrel. Yesterday, the asset was trading near the level of $92.60 per barrel. The quotes of North American WTI oil are located at $80.60 per barrel after rising to $85.60. 

Experts note that OPEC countries may resort to further reduction of oil production if the market continues to decline, since the current price level affects the budgets of cartel members. It is also noted that a stronger decline in prices is restrained by expectations of a reduction in supply on the market, including supplies from Russia.

Tonight, we should pay attention to the publication of weekly statistics on the number of operating oil drilling rigs in the United States from Baker Hughes. Over the previous working week, their number increased by eight, to 599 units.