Oil prices rose after a three-day decline

Moscow. November 9. The oil imports on Monday, rising after falling for the three previous consecutive sessions on statements of representatives of Saudi Arabia that low fuel prices will encourage demand, reported Bloomberg.

December futures for Brent crude on London’s ICE Futures exchange to 8:17 (Moscow time) has risen in price on $0,43 (0,91%) – to $47,85 per barrel. On Friday the price dropped to $0,56 (1,17%), amounting to $47,42 per barrel.

Over the past week, Brent lost value of 4.3%.

Futures prices for WTI crude oil for December in electronic trading on the new York Mercantile exchange (NYMEX) on Monday morning increased by $0,38 (0,86%) to $of 44.67 per barrel. At the same time, according to the results of the previous session, the contract price fell by $0.91 (2,01%) and amounted to $44,29 per barrel, the lowest level since October 27.

Monday-Friday brand WTI fell by 7.5%.

Many Asian countries welcome falling oil prices and demand “in a short time will reflect the attractiveness of current prices”, reads the statement of the Minister of oil of Saudi Arabia Ali Ibn Ibrahim an-Nuaimi posted on the website of the International Energy Forum.

The representative of Kuwait to OPEC, Mohammed al-Shatti believes that the overabundance of oil on the world market will continue in the next five years, as manufacturers from countries of the Middle East are increasing production.