Brent oil prices fall to $111.27 per barrel

Oil prices started declining on June 22 after rising at the end of the previous session, reported from the auction data.

The market is expecting the data from the American Petroleum Institute (API) on stocks in the US, as well as the speech of Chairman of the Federal Reserve System (FRS) Jerome Powell in the Senate Banking Committee. His statements are important for assessing the prospects for the American economy.

Fears that a rapid tightening of the Fed’s policy will lead to a recession in the US, as well as a decrease in oil demand, are one of the main factors holding back the recovery of the oil market.

The cost of August futures for Brent on the London ICE Futures Exchange in Moscow on June 22 is $111.27 per barrel, which is $3.38 (2.95%) lower than the closing price of the previous session. As a result of trading on June 21, these prices rose by $0.52 (0.5%) to $114.65 per barrel.

The price of futures for WTI oil for August on the online trading at the New York Mercantile Exchange (NYMEX) is $105.94 per barrel, which is $3.58 (3.27%) lower than the final value of the previous session. On June 21, the cost of these contracts increased by $1.53 (1.4%) to $109.52 per barrel.

The attempts of the US authorities to stop the rise in gasoline prices remain in the focus of traders. US President Joe Biden is expected to make a statement on June 22 calling on Congress to suspend the 18.4 cents per gallon gasoline tax, Bloomberg reported, citing sources.





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