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Rising Oil Prices Amid Reduced Market Anxiety

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Oil prices rose in trading today, on Monday, after falling last week, and the increase came in light of easing concerns in the markets about global oil demand.

By 09:22 Moscow time, futures for US West Texas Intermediate oil rose by 0.66% to $69.72 per barrel.

At the same time, futures for Brent crude rose by 0.56% to $74.41 per barrel, according to Bloomberg data.

Analysts believe the rise in prices came amid a lack of major developments in the global oil market, with Priyanka Sachdeva, economic analyst at Philip Nova brokerage, saying: “Markets continue to monitor macroeconomic indicators, but for oil markets, the lack of news is good, new We did not see any shocks in the banking system over the weekend.

And Bloomberg said that oil prices are rising moderately today as part of a corrective price movement after falling the previous week in light of investor concerns about the global banking sector.

Source: Prime

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