Oil quotes accelerated growth on Monday, recovering from last week’s fall.
By 17:30 Moscow time, September futures for Brent rose in price on the London ICE Futures exchange by $4.33 (4.28%) – up to $105.49 per barrel. August futures for WTI by that moment were rising in price on the New York Mercantile Exchange (NYMEX) by $4.01 (4.11%) – up to $101.6 per barrel.
Traders continue to evaluate the results of US President Joe Biden’s visit to Saudi Arabia. Biden said following the visit that he had discussed with the leadership of Saudi Arabia the issue of oil supplies to the world market.
„We have had a positive discussion on global energy security and sound oil supply mechanisms to support global economic growth,” he said, adding that he expects „further steps” from Saudi Arabia in the coming weeks.
Saudi ministers stressed that the decision to increase production will be made depending on market conditions and within the framework of agreements within OPEC+.
“We listen to our partners and friends from all over the world, especially from consumer countries,” said Saudi Foreign Minister Prince Faisal bin Farhan Al Saud. “But ultimately, OPEC + follows the market situation and will supply energy as needed.”
Additional support for oil prices is provided by the depreciation of the dollar. The ICE-calculated index, which shows the dynamics of the dollar against six currencies (the euro, the Swiss franc, the yen, the Canadian dollar, the pound sterling and the Swedish krona), is losing 0.9% in the course of trading.