World oil prices approached $100 per barrel

During trading on Thursday, October 1, world oil prices rushed up, at which time the growth rate of commodity quotations reached almost two percent. This is evidenced by Investing data.

By 14:15 Moscow time, quotes came close to the psychological mark of $100 per barrel. By that time, the price of oil had risen to $99.91. The increase compared to the closing level of the previous trading session was 1.92 percent, or $1.88. At its peak, raw material quotes reached $100.84.

Experts attribute the rise in oil prices primarily to China's suspension of fuel exports. Oil refineries in the Asian country have decided to stop shipments to regions outside Hong Kong and Macau. However, the timing of the resumption of shipments remains unknown.

This measure increased the fears of stock market participants about the risks of a shortage of global supply of oil and petroleum products. At the same time, it is not yet clear whether China will increase imports of raw materials in the current realities, noted UBS analyst Giovanni Staunovo. “The export ban by China indicates concerns about the availability of products in the domestic market,” he concluded.