The October futures for Brent crude oil prices on London’s ICE Futures Exchange stood at $99.04 per barrel, down $0.56 at the close of the previous session. At the end of previous trading these contracts grew by $2.2 (2.2%) up to $99.60 per barrel.

The price of WTI futures for September at electronic trades on the New York Mercantile Exchange (NYMEX) was $93.74 per barrel at that time, which is $0.6 (0.64%) less than the final value of the previous session. By market close on Thursday, the cost of such contracts grew by $2.41 (2.62%) to $94.34 per barrel.

Global oil prices chart 

Meanwhile, Brent may rise by almost 5% and WTI by more than 5% over a week, according to Trading Economics.

International Energy Agency (IEA) raised on the eve of its forecast for oil demand in 2022 by 380 thousand bpd, to 99.7 million bpd, according to a monthly report by the agency. Thus, in 2022 the IEA expects growth in oil demand in the world by 2.1 million b / s. compared with last year.

The agency also raised its forecast for global oil demand in 2023 to 101.8 million bpd, with estimates of consumption growth remaining at 2.1 million bpd.

Global oil supplies reached a post-pandemic high in July on the back of increased production by OPEC+ countries, as well as a significant recovery of the industry after maintenance in several regions, according to the IEA report.

Meanwhile, in its own monthly report, OPEC lowered its forecast for oil demand growth this year by 0.3 million bpd to 3.1 million bpd due to some regional changes. OPEC said it now expects oil consumption to grow to 100.03 mln bpd in 2022, down from 100.3 mln bpd previously forecast. OPEC still believes this forecast assumes a “healthy” demand for the energy resource, the report notes.

Earlier we reported that the gold futures price chart declined on the Fed’s comments about a rate hike.