Oil prices are on the rise ahead of the OPEC+ meeting

Oil prices started to rise on Tuesday after falling last week. The current Brent quote is $83.00 per barrel, North American WTI oil is trading near $78.90. 

Prices are supported by the expectation of the upcoming OPEC+ meeting on Sunday and increased demand in the United States. Market participants assume that OPEC and its partners will hold an online meeting and extend the reduction in production volumes for the second half of 2024.

The rise in quotations is also facilitated by a slight increase in tension in the Middle East, where an Egyptian army soldier was killed as a result of a shootout between the Egyptian and Israeli military.

Also, this week, it is worth paying attention to the publication of inflation data in the United States, Germany and the eurozone, which may affect the decisions of the European Central Bank and the Federal Reserve System. The central banks of the United States and the eurozone will hold their meetings next week.