Oil rises in price on expectations of financial results of oil and gas companies

Global oil prices rose on April 28 morning, as investors are waiting for the publication of reports of major oil companies - OMV (Austria), Eni (Italy), Chevron and ExxonMobil (US), reported from the auction data.

The price of July futures for Brent crude rose by 0.77% to $78.82 per barrel, June futures for WTI grew in price by 0.66% to $75.25.

Investors evaluate US macroeconomic statistics released on April 28. Thus, the country’s GDP in the first quarter, according to the first estimate, grew by 1.1% on an annualized basis (if GDP grew at the same pace for four consecutive quarters), while analysts expected growth by 2%. A slowdown in economic growth may increase the chances that the US Federal Reserve will refrain from raising the discount rate following the May 2-3 session.

The oil market is also awaiting the release of a number of statistics, the main of which is the eurozone GDP growth, as well as the final assessment of the current Michigan Consumer Sentiment Index, which reflects the degree of household confidence in the US economy. Experts believe that in April the index rose to 63.5 points from 62 points.





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