Brent rises to $75.7 per barrel
08.05.2023 12:00
Oil prices grew on Monday as fears of possible recession started to abate.
Reported from Interfax that a positive factor for the market was the data on the US labor market published on Friday, which showed that it remains strong despite the significant tightening of monetary policy by the Federal Reserve System (FRS).
Fed's Jerome Powell said last week that the US economy is likely to continue growing at a moderate pace this year and avoid a recession.
At the same time, oil reserves in the world are shrinking, and this problem will be exacerbated by production cuts in OPEC+ countries.
July futures for Brent on Monday was $75.7 per barrel on London's ICE Futures exchange, which is $0.4 (0.53%) higher than the closing price of the previous session. On Friday, these contracts rose by $2.8 (3.9%) to $75.3 per barrel.
Meanwhile, the WTI futures with the settlement in June in electronic trading on New York Mercantile Exchange (NYMEX) rose by $0.43 (0.6%) to $71.77 per barrel. As a result of the previous session, the cost of contracts increased by $2.78 (4.1%) to $71.34 per barrel.
As a result of last week, Brent fell by 6.3%, WTI dropped by 7.1%.
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Reported from Interfax that a positive factor for the market was the data on the US labor market published on Friday, which showed that it remains strong despite the significant tightening of monetary policy by the Federal Reserve System (FRS).
Fed's Jerome Powell said last week that the US economy is likely to continue growing at a moderate pace this year and avoid a recession.
In addition, traders note that China is ramping up its oil purchases, and demand is likely to remain strong in the next few months due to increased tourist activity in the country.
July futures for Brent on Monday was $75.7 per barrel on London's ICE Futures exchange, which is $0.4 (0.53%) higher than the closing price of the previous session. On Friday, these contracts rose by $2.8 (3.9%) to $75.3 per barrel.
Meanwhile, the WTI futures with the settlement in June in electronic trading on New York Mercantile Exchange (NYMEX) rose by $0.43 (0.6%) to $71.77 per barrel. As a result of the previous session, the cost of contracts increased by $2.78 (4.1%) to $71.34 per barrel.
As a result of last week, Brent fell by 6.3%, WTI dropped by 7.1%.
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