Oil prices are rising on Monday morning.
The cost of July futures for Brent on the London ICE Futures exchange as of 8:08 a.m. is $82.32 per barrel, which is $0.2 (0.24%) higher than at the close of the previous trading. On Friday, these contracts rose by $0.76 (0.9%) to $82.12 per barrel.
Futures for WTI for July in electronic trading on the New York Mercantile Exchange (NYMEX) have risen in price by this time by $0.28 (0.36%) to $78 per barrel. At the end of the previous session, the value of these contracts increased by $0.85 (1.1%) to $77.72 per barrel.
Last week, the international benchmark lost 2.2%, while the North American benchmark lost 2.3%.
The pressure on the quotes was exerted by fears that the US Federal Reserve will keep interest rates high for longer than expected, which would be a threat to demand in the event of a sharp economic slowdown.
This week, the latest value of the PCE index, the US central bank’s preferred inflation indicator, will be released. This data may affect its future policy.
In addition, on Sunday, the market is looking forward to the OPEC+ meeting, where leading oil producers are expected to extend production cuts until the end of the year.
