Oil prices jump in Asia amid Russian drone provocations near NATO borders

Futures for oil of the brand Brent rose by 34 cents, or 0.54%, to 67.07 dollars per barrel as of 03:17 by Greenwich, and the contract for oil of the brand West Texas Intermediate with delivery in October cost 63.02 dollars per barrel, having risen by 34 cents, or 0.54%.

The WTI contract for October ends on Monday, and the more active contract for November rose by 36 cents, or 0.58%, to 62.76 dollars per barrel.

Instead, forecasts of an increase in production and trade barriers restrain further growth of oil prices.

The media outlet reminds that Poland and allies in NATO lifted aviation on Saturday, 20 September, when three Russian military planes violated the airspace of Estonia.

"Reports over the weekend that Russia was threatening over the Polish border have provided traders with a timely reminder of the ongoing risks to European energy security from the north east," said Michael McCarthy, general director of the investment platform Moomoo Australia and New Zealand.

The oil market was also influenced by the recognition of the Palestinian state by four Western countries. For this caused a stormy reaction of Israel and strengthened nervousness in the key oil-producing region of the Middle East.

"Increased strategic reserves accumulated by China and the US have helped soak up the surplus, but the added inventories still reduce the near-term upside potential for prices and leave the downside open," declared Tim Evans in the information bulletin Evans on Energy.

The revenues of Russia from the sale of oil and oil products in August decreased to one of the lowest levels since the beginning of the war against Ukraine. Namely, revenues of the Russian Federation fell by 13.51 billion dollars.

It was also reported that India continues actively to purchase oil from Russia, despite pressure of the USA and new sanctions.