Oil prices rose after yesterday's fall to its lowest level since the beginning of the year.

Oil prices are rising today, winning back yesterday's fall to a minimum since the beginning of the year. By 09:22 Moscow time, a barrel of Brent cost $84.55, having risen in price by 0.9%, WTI oil was trading at $78.4 per barrel, having added 2.1% in price.

The increase in prices is explained by reports of a possible significant reduction in production by OPEC + countries at the next meeting on December 4. According to analysts polled by Bloomberg, we can talk about the same reduction as last month - by 2 million barrels per day. In addition, oil quotes are positively affected by reports of a possible easing of restrictive measures in China after the protests .

Oil prices are down 9% this month. On Monday, oil quotes were at their lowest since the beginning of the year, the cost of Brent for the first time since January 11 fell below $81 per barrel, having fallen in price by almost 3% per day.

Massive protests in China amid the largest coronavirus outbreak in the country and the ongoing "zero covid" policy were the main reason for yesterday's drop. We talked about this in more detail here . Secondly, oil prices are affected by the fact that the G7 countries and the EU cannot agree on a price ceiling for Russian oil. Last night, Reuters reported that the talks again ended in nothing. In addition, markets continue to fear a recession, which could lead to the actions of central banks around the world, experts say . In addition, the United States is ready to lift part of the sanctions against Venezuela, allowing it to supply oil and oil products to American companies.

World oil prices soared after the start of the war in Ukraine and the imposition of anti-Russian sanctions. The price of Brent peaked in early March, rising to $132 per barrel. Then oil quotes gradually began to decline and fell below $100 per barrel in the summer. The main factor behind the decline was fears of an impending recession. By mid-November, Brent was worth about $90.

In the coming days, experts expect increased volatility in the oil market. a significant increase in prices in the short term Analysts definitely do not expect .