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Oil prices fluctuate on multidirectional factors


December, 15 2022
watermark Economic news

World oil prices show mixed dynamics on Thursday: investors react to the results of yesterday's meeting of the US Federal Reserve and assess the prospects for supply and demand against the background of news about the Keystone pipeline.


Yesterday, Brent rose to the level of $83.17 per barrel for the first time in ten days. Today, the quotes fluctuate in the range of $81.90 – $83 per barrel. The current price for Brent is $82.30 per barrel. 


Market participants are cautious against the background of multidirectional factors. Firstly, on the eve of the US Federal Reserve System once again raised the key rate to 4.25 – 4.5% per annum (by 50 bps). The British central bank followed its example, raising the rate also by 50 bps, to 3.5% per annum. The European Central Bank also increased the rate by 50 bps, to 2.5%.


Analysts note that the tightening of monetary policy by the world central banks and their raising of rates in response to high inflation increases the risks of recession. Such a situation is negative for the prospects of demand, which constrains oil quotes.


In addition to the monetary policies of regulators, investors are monitoring the situation around the Keystone oil pipeline system, through which oil is transported from suppliers from Canada and the United States. Earlier, oil prices started to moderate growth on concerns about a possible shortage of raw materials.


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