Oil prices have stabilized near $84 after updating the August lows

Oil prices are stabilizing in the region of $84 per barrel after reaching the lowest values since August according to the results of the previous trading session. 

The current Brent quote is $84.05 per barrel. Yesterday's low was marked at $83.77. North American oil shows similar dynamics: the current price is $82.34 per barrel after reaching a minimum of $82.08. 

The decline in oil prices was due to concerns about weakening global demand, which outweighed concerns about declining supply. In particular, data from the US Department of Energy, published on Wednesday, showed a significant decrease in demand for gasoline. Gasoline inventories in the United States rose by 6.48 million barrels last week. While oil reserves decreased by 2.22 million barrels.

According to the consensus forecast of analysts, it was expected that gasoline reserves would remain at the same level, and oil reserves would decrease by 1.4 million barrels.

The drop in oil prices occurred despite the statements of Saudi Arabia and Russia that the voluntary reduction in production will remain in force until the end of the year. In addition, the OPEC+ committee recommended not to change the collective restrictions.