An expert explained the rise in the cost of Brent oil
The price of Brent oil is rising amid geopolitical escalation in the Middle East, Dmitry Skryabin, portfolio manager at Alfa Capital Management Company, explained to Izvestia on September 23.
The cost of Brent crude oil futures with delivery in November on London's ICE exchange rose above $74.6 per barrel. Back on September 10, the price was below $70.
"Prices have been rising in recent days amid [the] geopolitical escalation in the Middle East. What will happen to the price in the fall, it is quite difficult to predict," the expert said.
According to him, it is important how significant will be geopolitical risks, the outcome of the presidential election in the United States, economic data on the PRC and the United States, as well as the outcome of the meeting of ministers - OPEC+ countries. All these factors may affect further price movements.
Earlier, on September 17, General Director of OPEN OIL MARKET marketplace of oil products and raw materials Sergey Tereshkin suggested that Brent oil prices will remain near $75 per barrel until the end of the year. According to him, the fact that the market remains in deficit plays an important role.
Before that, on February 20, Russian Deputy Prime Minister Alexander Novak said that global demand for oil will increase at least until 2040. According to him, the growth rate will be about 14%.
