Oil declines during Tuesday's trading session

World oil prices are declining on Tuesday after rising the day before to the level of $96.88 on the decision of OPEC+ to slightly reduce oil production. The current quotation of Brent crude oil is $92.60 per barrel, WTI oil is trading at $86.21 after rising to $90.30 the day before. 

Pressure on the market today is exerted by news about the expansion of quarantine restrictions in China, increasing market concerns about the prospects for energy demand in China. As it became known, lockdowns have been introduced in many densely populated provinces of the country. 

Yesterday OPEC+ decided to reduce oil production in October by 100 thousand barrels per day compared to September. Analysts note that this reduction can hardly be considered an important event from the point of view of the balance of supply and demand. As the market situation today will continue to be determined by concerns about the prospects for oil demand, especially given that more and more Chinese cities are being quarantined. 

In addition, Iran's possible return to the nuclear deal may also contribute to an increase in supply.