Brent Oil Prices Rose to 115.24 Dollars per Barrel
The cost of August futures for Brent on the London ICE Futures exchange on Tuesday is $115.24 per barrel, which is $1.11 (0.97%) higher than the closing price of the previous session. As a result of trading on Monday, the contract rose by $2.01 - to $114.13 per barrel.
The price of futures for WTI oil for August at the electronic trading of the New York Mercantile Exchange (NYMEX) is $110.16 per barrel, which is $2.17 (2.01%) higher than the final value on Friday. On Monday, WTI trades were not held due to a holiday in the USA.
As a result of last week, Brent fell by 7.3%, WTI - by 9.2%.
Oil prices are supported by supply worries, triggered by a reduction in fuel supplies from Russia and the inability of OPEC countries to increase production to target levels, writes Trading Economics. Meanwhile, global oil demand is recovering from the downturn caused by the coronavirus pandemic.
On the other hand, the active rise in interest rates provided by the world's leading central banks also causes concern among oil market participants, as this may slow down the growth of the global economy.
Vandana Hari, the founder of Singapore-based analytical company Vanda Insights, notes that, despite concerns about the prospects for the global economy, the problem of reducing of oil supply on the world market will persist as long as the Russian-Ukrainian conflict continues.