Oil continued to grow in price, the spread between Brent and WTI exceeded $10 per barrel


The reason for the continued increase in oil prices on Tuesday was the intensification of Hurricane Florence, as well as a sharp reduction in oil supplies from Iran and Venezuela. At the same time, the spread between Brent and WTI brands was higher than $10 per barrel. WTI oil does not rise as fast as Brent, as growth of WTI is constrained by increased production and supply in the US. At the same time, the price for Brent oil is affected by geopolitical risks and interruptions in oil supplies to global markets. SEB chief commodity expert Bjarne Shieldrop believes that next year Brent prices will continue to grow as a result of a reduction in supplies of Iranian oil. By 14:10 Moscow time on Tuesday, November futures for Brent crude rose by 61 cents to 77 dollars 98 cents a barrel. The price of the October WTI oil futures rose 27 cents to 67 dollars 81 cents per barrel.

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