The oil market is volatile at the beginning of the trading week

Oil prices on Monday are quite volatile after a significant rise last week, which was the highest since April. 

Last Friday, Brent quotes rose to $83.32 per barrel. During today's trading, prices first fell to the level of $82.11, subsequently jumping to $82.96. The current Brent quote is $82.50 per barrel.

Strong growth at the end of the week offset the decline recorded a week earlier after OPEC+ announced plans to gradually reduce restrictions on oil production.

The market was supported by forecasts from OPEC and the International Energy Agency, indicating the possibility of a shortage of supplies before the beginning of winter. In general, analysts believe that oil prices have some potential for growth – the third quarter is traditionally the season of peak demand around the world, and this will contribute to an increase in oil refining volumes.