Oil falls after rising to 3-year highs

Benchmark oil prices fell after rising to three-year highs last week, Report informs referring to Interfax.

Traders are waiting for the results of the OPEC+ meeting, which will be held later on October 4.

Some analysts believe that the countries included in the group may agree on a more significant increase in production than previously discussed. Meanwhile, Rystad Energy experts consider such a step unlikely.

December futures for Brent oil on the London ICE Futures Exchange by 8:08 a.m. Moscow time fell by $0.11 (0.14%) to $79.17 per barrel. On October 1, their price increased by $0.97 (1.2%) and amounted to $79.28 per barrel.

In the morning, November futures for WTI oil on online trading on the New York Mercantile Exchange (NYMEX) fell by $0.12 (0.16%) to $75.76 per barrel. At the end of the previous session, their price increased by $0.85 (1.1%) and amounted to $75.88 per barrel, which is the highest level since October 2018.

According to the US oilfield services company Baker Hughes, the number of operating oil rigs in the US increased by 7 units last week and reached 428 rigs. Thus, the indicator increased for the fourth week in a row.