Oil rises after a local decline

Yesterday, oil finished trading lower from $112.40 per barrel to $108.05. But already on Thursday, the asset resumed growth, returning to $111.90 per barrel.

Pressure on Brent is exerted by investors' concerns about the likelihood of a global recession caused by an increase in interest rates by world central banks. A recession may lead to a decrease in energy consumption, which contributes to the fall in oil prices.

Additional pressure on prices was provided by data on crude oil inventories in the US. Yesterday, the American Petroleum Institute (API) reported that commercial oil inventories in the country rose by 5.6 million barrels in the week to June 17, while analysts had forecast a decline of 1.4 million. Official statistics from the US Department of Energy will be published today.

Moreover, increased purchases by China and India of Russian oil could also help lower global fuel prices and ease the supply gap.