Moscow. November 25. Oil prices continued to rise Wednesday amid growing geopolitical tensions in connection with the downed Turkey Russian aircraft in Syria, reports Bloomberg.
The incident with the Russian plane provoked a harsh response from the authorities of the Russian Federation. The President of Russia Vladimir Putin stated that an attack on Turkish military aircraft Russian military aircraft was a “stab in the back” by the “supporters of terrorists”, adding that the incident will have serious consequences for Russian-Turkish relations.
The cost of the January futures for Brent crude on London’s ICE Futures exchange to 8:58 Moscow time has increased by $0.33 (0.72 per cent) to $46,45 per barrel. By the close of market on Tuesday, the futures price increased by $1,29 (2,88%) to 46,12 per barrel.
Futures price for WTI crude oil for January in electronic trading on the new York Mercantile exchange (NYMEX) had risen by this time by $0.23 (0.54 percent) to $43,1 per barrel. According to the results of previous trading day, the contract rose by $1.12 (2,68%), to $42,87 per barrel.
According to an analyst from Fat Prophets in Sydney, David Lennox, an incident in the middle East “caused a surge in the oil market and nothing else.”
“All indicators point to weakening price trend. The demand for oil is there, but he’s an adequate supply,” – said the expert.
Market attention on Wednesday focused on data from the Ministry of energy of the USA about stocks of energy carriers in the country for the week ended November 20.
According to estimates of experts surveyed by Bloomberg, the oil reserves rose by the end of the ninth week in a row – by 1 million barrels.