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The price of Brent crude rose above $99 a barrel for the first time since August 31

oil price
┬ęShutterstock/Fotodom

World oil prices are rising. The cost of Brent crude on Monday, November 7, rose above $99 per barrel. This happened for the first time since August 31, according to trading data.

According to the exchange at 18:33 Moscow time, the price of December futures for Brent oil is growing by 0.53% to $99.09 per barrel. By 18:46, their cost had dropped slightly to $98.69, writes RIA News.

The price of futures for WTI crude oil for December at the same time increased by 0.27% to $92.86 per barrel.

In early November, oil became cheaper due to news around coronavirus restrictions in China. Analysts said that if the country goes to weaken them, then prices, on the contrary, may rise.

Also, world oil prices in early November fell due to the risk decrease in demand on raw materials. The markets were pricing in the possibility of an economic recession. At the end of October, oil prices rose in response to the decline in US gasoline inventories.

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