Oil prices are rising on Monday after the biggest drop since February in the previous week.
The cost of July futures for Brent on the London ICE Futures exchange as of 8:10 a.m. is $83.25 per barrel, which is $0.29 (0.35%) higher than at the close of the previous trading. On Friday, these contracts fell by $0.71 (0.9%) to $82.96 per barrel.
June futures for WTI in electronic trading on the New York Mercantile Exchange (NYMEX) have risen in price by this time by $0.3 (0.38%) to $78.41 per barrel. As a result of the previous trading, the value of contracts decreased by $0.84 (1.1%) to $78.11 per barrel.
Over the week, Brent fell by 6%, while WTI fell by almost 7%.
Last week’s pressure on the market was exerted by data on the growth of US stocks and signals of declining demand, as well as some easing of fears associated with the possibility of a reduction in oil supplies from the Middle East.
Traders believe that amid a significant decline in prices, OPEC+ countries will continue to limit production. The majority of traders and analysts surveyed by Bloomberg expect that the alliance countries that adhere to the voluntary production curbs will continue the current measures until the end of this year.
Saudi Aramco announced last weekend that it will raise oil prices for Asian buyers in June. The cost of the main grade supplied to Asia, Arab Light, will increase by $0.9 per barrel. As a result, it will cost $2.9 more than a basket of Omani and Dubai crude, Saudi Aramco said in a statement.
