Brent oil prices rise to $87.1 per barrel

Benchmark oil prices rose moderately on November 3 morning after rising for the first time in four sessions following trading the day before.

The price of January futures for Brent on the London ICE Futures exchange amounted to $87.14 per barrel, which is $0.29 (0.33%) higher than the closing price of the previous session, Report informs referring to Interfax.

Quotes of WTI oil futures for December in electronic trading on the New York Mercantile Exchange (NYMEX) increased by $0.37 (0.45%) and amounted to $82.83 per barrel.

A positive factor for the market on November 2 was the decision of the Federal Reserve System to maintain the key interest rate at 5.25-5.5% for the second meeting in a row. The Federal Reserve did not rule out the possibility of its rise in December, but in general the Fed’s rhetoric was rather soft.

Oil rose in price on hopes that the cycle of rising interest rates in the US has ended, while the war in the Gaza Strip continues to be a factor in the market, said Phil Flynn, senior analyst at Price Futures Group.

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