Oil prices moved lower during trading on Friday and end the week in the red on fears of lower demand due to the return of restrictive measures in several countries, including France and the UK, as well as signals of a possible increase in supply.
The day before, Bloomberg reported, citing oil traders, about a sharp increase in the supply of Iraqi oil for delivery in October. This could mean an increase in oil production in the country, which, on the contrary, must reduce production in excess of the established quotas in accordance with the compensation mechanism under OPEC +.
Also this week, the Libyan National Oil Corp. reported the resumption of oil production in the east of the country after the commander of the Libyan National Army (LNA) Khalifa Haftar announced the lifting of an eight-month blockade of oil fields and ports as a result of an agreement with the government in Tripoli.
The cost of November Brent oil futures on the London ICE Futures exchange by 14:11 Moscow time on Friday is $ 41.61 per barrel, which is $ 0.33 (0.79%) below the price at the close of the previous session
The price of futures for WTI crude oil for November in electronic trading on the New York Mercantile Exchange (NYMEX) by this time decreased by $ 0.46 (1.14%) – to $ 39.85 per barrel.
Earlier in the course of trading, both contracts rose in price on the news that the Democrats may present a new package of measures to support the US economy next week. According to CNBC, the volume of the new package could be $ 2.4 billion, which is about $ 1 billion less than the previous proposal of the Democrats.