Oil price growth slowed after approaching 2%
The price of oil is actively rising this morning, continuing last week's momentum. At 9:41 a.m. Brent was up 1.36% to $83.51, while WTI was up 1.73% to $80.72. The growth of the latter had exceeded 2% a little earlier. The main stimulating factor at the moment is the unprecedented high gas prices which spurred the demand for oil. Last Wednesday there was recorded a new absolute maximum - $1937 per m³. Subsequently, the market correction occurred, during which quotes fell to more than $900, but players began to actively seek alternatives. According to the estimation of analysts of company NAB, whose opinion leads publication The Wall Street Journal, demand for oil grows thanks to electric power consumers, who have an opportunity to replace gas for it. Since the beginning of August, the cost of futures in the eurozone has grown by more than 2 times. Demand is also stimulated by the fact that OPEC+ at the previous meeting refused to accelerate the increase in oil production.