Oil prices fall following gas prices

Global oil prices on October 7 morning fell following gas prices after comments from Russia and the US, Report informs referring to Prime agency.

As of 8:57 (GMT +4), the price of December futures for Brent crude oil fell by 0.46% to $80.71 per barrel, while the price of November futures for WTI crude decreased by 1.06% to $76.61 per barrel.

On October 7 morning, the oil market is showing negative dynamics, which in particular was facilitated by the decline in gas prices.

Energy Secretary Jennifer Granholm previously said that the US could free crude oil from the government’s strategic reserves to avoid rising gasoline prices. In addition, according to media reports, the statement by Russian President Vladimir Putin about the readiness of the Russian Federation to work to stabilize the global energy market contributed to a decrease in gas prices.

Pressure on oil prices was also exerted by statistics on commercial oil reserves in the US for the week, which increased by 2.3 million barrels, or 0.6 percent to 420.9 million barrels. At the same time, analysts expected a decrease in the indicator by 0.4 million barrels.