Oil prices slightly up after almost 4% decline last week

Global oil prices show growth on Monday morning after falling by almost 4% over the past week.

Reported from the auction data, that the price of April futures for Brent crude rose by 0.47% to $83.39 per barrel, and April futures for WTI rose by 0.42% to $76.87.

A week earlier, prices lost about 4%, which was due to a number of factors, including the intention of the US authorities to sell more oil from the strategic reserve, as well as data on the growth of US commercial reserves for the week by 16.3 million barrels.

Markets remain focused on the policy of the US Fed, which in March may raise the key rate again. Last year, the regulator raised the rate 7 times amid high inflation, which increased the risks of a recession. This situation affects, among other things, expectations for oil demand. Markets are evaluating how quickly the regulator will raise rates further, as well as when it will move to lower rates.

The minutes of the February meeting of the Fed will be published on Wednesday, February 22, which may contain signals about monetary policy, and on Thursday, February 23, the second estimate of US GDP in the fourth quarter will be released. Economic data may affect the forecasts for the Fed's monetary policy, as well as affect the dollar exchange rate, to which commodity prices are sensitive.





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