Oil prices vary

Global oil prices have stabilized after losing more than 5% on May 2. However, they didn’t show the same dynamics, reported from the auction data.

The price of July futures for Brent crude rose by 0.33% to $75.34 per barrel, June futures for WTI fell by 0.03% to $71.64.

Experts note that macroeconomic statistics have been the strongest influence on the dynamics of oil prices lately. So, on May 2, oil prices of both grades lost 5.16% and 5.29% of their value, respectively, which was caused by the publication of industry data from the eurozone and China.

In the future, the decision of the US Federal Reserve System may become important for oil prices. According to the CME Group, nearly 90% of analysts are forecasting a 0.25 percentage point hike in the US discount rate, due to be announced on May 3.

There are fears among investors that another round of increases in the refinancing rate in the US will further slow down global economic growth and significantly reduce demand for oil.

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