Brent futures for November hit $75.10 per barrel, surpassing $75 for the first time since August 2. As of 16:53 trading data, futures are worth $75.82. WTI crude oil futures are trading at $72.72 per barrel.

Earlier, China, the world’s largest oil importer, said that it was holding the first-ever public auction for the sale of raw materials from the strategic reserve. The authorities plan to sell about 7.3 million barrels between local refineries in September in order to curb rising fuel prices. Before that, the USA and India followed the same path.

In mid-September, Rosnedra announced that, with current extraction technologies, Russia’s profitable oil reserves would last no more than 21 years. Western Siberia remains the most promising region for exploration of oil reserves. Development of fields in Eastern Siberia is still unprofitable due to weak infrastructure.