BAKU, Azerbaijan, August 10. The morning trade shows a slight decline in world oil prices, Trend reports.
Investors assess the numerous variables influencing the market's supply and demand for this raw commodity.
Trading information and professional analysis show that the price of October crude oil futures fell by 0.09 percent to $87.46 per barrel while the price of September WTI futures fell by 0.07 percent to $84.34 per barrel.
Current prices are influenced by several factors. The market is considering the prospects of reducing supply, which is due to the tension in relations between Russia and Ukraine. This situation reinforces expectations of a reduction in supplies from OPEC+ countries. Moreover, there is a temporary decline in demand from the US, where oil reserves are growing.
The Saudi Arabian government's announcement that it would continue to reduce oil production by 1 million barrels per day was a significant development that took place from July to September. The statement claims that additional reduction strategies are possible. In September, Russia also announced that it would continue to cut back on its oil exports to international markets, this time by 300,000 barrels per day.
Concern in the market intensified after the Ukrainian attacks on the "Sig" tanker in the Black Sea. This has raised concerns about oil supplies from Russia to the world market.
Thus, world oil prices are in a state of symbolic decline in morning trading, and the market is currently reacting to a set of factors, including external geopolitical events and the balance of supply and demand.