Oil prices rise after falling to two-week lows


Benchmark oil prices rose on Friday morning, recovering after falling to two-week lows the previous day, Report informs via Interfax.

The price of December futures for Brent on the London ICE Futures exchange amounted to $89.3 per barrel, which is $1.37 (1.56%) higher than the closing price of the previous session.

Quotes of WTI oil futures for December at electronic trading on the New York Mercantile Exchange (NYMEX) by this time increased by $1.35 (1.62%) and amounted to $84.56 per barrel.

Market participants are closely monitoring developments in the Middle East. Israel has not yet launched a large-scale ground military operation in the Gaza Strip, but continues to carry out air strikes on Hamas positions in the enclave and conduct operations in Palestinian territories in the West Bank.

Meanwhile, the US Commerce Department reported on Thursday that the US economy expanded by 4.9% YoY in July-September. This is the highest growth rate since the fourth quarter of 2021. Analysts on average predicted an increase of 4.3%, Trading Economics said.