10/25, 7:27 PM (Source: TeleTrader)
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Hard to predict oil price hikes - Russian official

Russian Minister of Energy Nikolay Shulginov shared on Monday that it is difficult to predict whether oil prices will reach historic highs, similarly to gas, as it would depend on demand. Crude futures erased some of the previous gains following the statement.

According to the official, the expectation, however, is that the oil demand will recover to its pre-pandemic levels by the end of 2022. The minister also noted that at the upcoming OPEC+ meeting on November 4 Russia wants the alliance to stick to the agreement of increasing oil production by 400,000 barrels per day.

WTI for settlements in December fell by 0.08% to go for $83.89 per barrel at 1:26 pm ET and Brent for January delivery was up 0.40% to sell for $85.15 per barrel at the same time.

Breaking the News / LH