Oil prices rise for second straight session on supply concerns

Oil prices rose during trading on Tuesday, continuing to rise for the second session in a row amid concerns about limited supply in the global market.

The cost of September futures for Brent crude on the London ICE Futures exchange by 8:07 Moscow time on Tuesday is $106.49 per barrel, which is $1.34 (1.27%) higher than the closing price of the previous session. As a result of trading on Monday, these contracts rose by $1.95 (1.89%) to $105.15 per barrel.

The price of futures for WTI oil for September in the electronic trading of the New York Mercantile Exchange (NYMEX) is $97.98 per barrel by this time, which is $1.28 (1.32%) higher than the final value of the previous session. By the close of the market on Monday, the cost of these contracts increased by $2 (2.1%) to $96.7 per barrel.

Meanwhile, quotes are under pressure from concerns about the state of the global economy. Fresh statistics from the US and Europe point to a slowdown in economic activity in these regions, while China narrowly avoided an economic downturn in the second quarter, according to Trading Economics.

The focus of the market this week is the meeting of the Federal Reserve System (FRS), as a result of which the US Central Bank may once again significantly increase the base interest rate. A serious tightening of monetary policy by the Fed, according to many experts, could lead to a recession in the US economy.

Michael Cooper

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