Oil prices rise again in the world market, Brent at $99.86 a barrel
Fuel oil prices have risen again in the international market. Crude oil prices were seen rising at the start of trading on Friday (6 November).
At 02:22 GMT, the January futures price of the international benchmark Brent crude rose by $1.57, or 1.6 percent, to $99.86 a barrel. At the same time, the US benchmark West Texas Intermediate (WTI) was trading up $1.10, or 1.2 percent, at $91.62 a barrel.
However, with the possibility emerging that tensions over the Iran war may ease, oil prices in the world market are expected to fall by about 12 percent this week.
According to market analysts, after President Donald Trump's party suffered losses in the US midterm elections, a belief has formed in the market that tensions over the Iran war may lessen. That expectation has created downward pressure on oil prices.
However, fears remain that oil supplies could be disrupted because of the ongoing conflict in the Middle East. For that reason, oil prices in the international market are receiving some upward support. In other words, while the possibility of the war easing points to falling prices, fears of a supply crisis are creating a risk of price increases.
