New 3% jump for oil

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Oil contracts ended the week slightly lower, as today’s big rise against the backdrop of limited supply helped to make up for most of the losses.

In particular, his contract Brent August delivery completed its current trading with a rise 2.8% or $ 3 with its price going up to $ 113.12 the barrel.

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Respectively, the American WTI August delivery was further strengthened by 3.35% or $ 2.9 and closed at $ 107.6 the barrel.

Thus, on a weekly basis, WTI prices eventually fell slightly, by about 0.3%.

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Fed Chairman Jerome Powell admitted yesterday, on the second day of his half-yearly submission to Congressthat the possibility of a recession in the US is clearly possible now, although he stressed that the bank is not trying to cause it in order to reduce inflation.

“Growing fears of a recession seem to be driving down heavy long-term speculation in both contracts, even if in the real world energy shortages are more real than ever,” said OANDA analyst Jeffrey Haley.

On the same wavelength, PVM’s Steven Brenkok said fears of an impending recession prevailed in the climate, but noted that “the oil market will see high demand and limited supply during the summer months, thus limiting the downward trend in prices.”

It is recalled that the data on US stocks this week will be published next week due to a technical problem, however market sources said yesterday that they were increased.

Source: Capital

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