The cost of September Brent crude futures on the London ICE Futures exchange rose to $80.91 per barrel following the results of trading on July 21. On Thursday, Brent was trading in the range of $79.64-80.21 per barrel. The price of WTI crude oil futures for September on the electronic trading of the New York Mercantile Exchange (NYMEX) increased to $76.27 per barrel. The day before, its price rose to $75.65 per barrel. "The oil market may remain highly volatile in the short term, as traders' attention is constantly switching between supply and demand factors," says 'Exness' analyst Wael Makarem. "The actions of Saudi Arabia and Russia, reducing production, helped oil prices rise this month and get out of the narrow range in which they were held, and this factor may continue to support the market in the medium term," says the expert, whose opinion is cited by Market Watch. He notes that the weaker than expected growth rates of the Chinese economy negatively affect the prospects for oil demand. At the same time, growing expectations of the imminent end of the Federal Reserve's monetary policy tightening cycle against the backdrop of slowing inflation in the United States support demand forecasts and the oil market as a whole.

Source: Turan News Agency