Oil prices rise

Global oil prices rose slightly on December 7 morning after falling over the previous few days, reported from the auction data.

The price of February futures for Brent crude rose by 0.3% to $79.58 per barrel, January futures for WTI grew by 0.23% to $74.42.

Amid fears of a possible recession in the US in the light of continued increases by the Federal Reserve (Fed), futures prices for both brands of oil fell by about 8% in three days. Thus, a recession may cause a decrease in demand for oil.

The next meeting of the Fed is scheduled for December 13-14. As a result, the regulator will announce a decision on the key rate and renew macroeconomic forecasts, and then the head of the US Central Bank, Jerome Powell, will speak at a press conference.

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