Oil prices went up after decreasing last week

On Monday, oil prices of benchmark brands are growing during trading, ending last week in the red, Interfax reports.

The cost of July Brent futures on the London ICE Futures exchange by 8:09 a.m. Kyiv time on Monday amounted to $66.86 per barrel, which is $0.42 (0.63%) higher than the price at the close of the previous session.

The price of July WTI futures in electronic trading on the New York Mercantile Exchange (NYMEX) by this time reached $63.99 per barrel, which is $0.41 (0.64%) higher than the final value of the previous session.

The results of the past week show Brent price decreased by 3.3%, WTI – 2.7%, according to Dow Jones Market Data. The pressure on the market was exerted by the prospects for the growth of Iranian oil supplies due to the reports of progress in negotiations on the Iranian nuclear program.

However, the head of Vanda Insights Vandana Hari believes that the sell-off in the oil market in connection with the news of the negotiations was excessive.

The rise in oil prices on Monday was facilitated by the news about the formation of the subtropical storm Ana in the Atlantic Ocean. Although the US National Center for Hurricane Watch downgraded the storm's estimate, concerns could have forced the market to pledge a premium to oil prices.

The US Climate Prediction Center sees a 60% chance that hurricane activity will be above normal this season.

Tags: oil, USA, coronavirus, negotiations, price, petroleum products, gasoline, economy, oil market

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