Oil prices are rising, Brent at $82.3 per barrel

The price of oil rises on Monday morning.

Brent July futures on London’s ICE Futures exchange cost $82.32 a barrel at 8:08 a.m., up $0.2 (0.24%) from the previous close. On Friday, these contracts rose by $0.76 (0.9%) to $82.12 per barrel.

WTI futures for July in electronic trading on the New York Mercantile Exchange (NYMEX) were up $0.28 (0.36%) so far to settle at $78 a barrel. At the end of the previous session, the value of these contracts increased by $0.85 (1.1%) to $77.72 per barrel.

Last week, the international benchmark lost 2.2%, while the North American benchmark lost 2.3%.

Quotes were pressured by fears that the US Federal Reserve will keep interest rates high for longer than expected, which would pose a threat to demand in the event of a sharp economic slowdown.

This week, the latest PCE reading, the US central bank’s preferred inflation gauge, will be released. This data may affect its future policy.

In addition, on Sunday, the market looks forward to the OPEC+ meeting, where major oil producers are expected to extend production cuts until the end of the year.

In connection with

Brent oil