Why is the price of oil going down? Global oil prices on Tuesday morning decreased in the framework of the correction after a noticeable growth trading day earlier, when the Brent brand again secured above $100 per barrel, according to trading data.

The price of November futures on Brent crude oil was down 0.45%, to $102.48 per barrel, while October futures on WTI oil fell by 0.2%, to $96.81.

Why is the price of crude oil falling?

The oil market showed a corrective decline on Tuesday morning after an increase the trading day before. Brent crude oil gained almost 2% on Monday, while WTI gained more than 4%. The previous day the growth in prices was attributed to the possible prospects for a reduction in oil supply and entrainment of demand on the markets.

Thus, expectations of a reduction in the total supply of oil, in particular, came to the market after the statement by the Minister of Energy of Saudi Arabia that OPEC may reduce its production. And expectations of increased demand have increased after the statement of the famous entrepreneur Ilon Musk that in the short term people may need more oil and gas, given the fact that without fossil fuels “civilization will collapse.

Earlier we reported that gas exchange prices in Europe fell at the beginning of trading on Monday.