Oil prices are rising on Thursday morning, rising from the previous day’s lows since December 2021.
The value of May futures for Brent on London’s ICE Futures exchange is $74.63 a barrel by 7:18 a.m., up $0.94 (1.28%) from the close of the previous session. Those contracts fell by $3.76 (4.9%) to $73.69 per barrel at the close of trading on Wednesday.
The price of WTI futures for April at electronic trades of the New York Mercantile Exchange (NYMEX) is $68.42 per barrel by that time, which is $0.81 (1.2%) above the final value of the previous session. The contract fell by $3.72 (5.2%) to $67.61 per barrel on Wednesday.
The fall of oil quotations was caused by concerns that the problems of the banking sector amid rising interest rates might lead to a global recession, writes MarketWatch.
In addition, released the day before, the U.S. Energy Department data showed an increase in oil reserves over the past week by 1.55 million barrels. The increase was recorded at the end of the 11th week of the last 12 weeks.
Gasoline reserves decreased by 2.06 million barrels and distillates by 2.54 million barrels.
Experts were expecting oil reserves to grow by 1.5 million barrels, gasoline reserves to decrease by 1.62 million barrels and distillates reserves to drop by 1.4 million barrels.
