Oil prices grow slightly on reports of potential supply shortage

World oil prices rose slightly on Friday morning, reported from the auction data.

The price of October futures for Brent crude rose by 0.06% to $101.89 per barrel, and September futures for US WTI rose by 0.31% to $96.72.

Brent has risen in price by 3.3% and WTI surged by 1.9% since Monday. Traders were weighing the prospects for further supply shortages. At the same time, doubts about demand due to unsatisfactory assessments of economic development in the world are coming to the fore as a downward factor.

The US Department of Commerce earlier released its first assessment, saying the country's GDP fell by 0.9% in annual terms in the last quarter. So, the US economy is declining for the second quarter in a row (after declining by 1.6% on an annualized basis in the first quarter), and the confirmation of this assessment would mean a technical recession.

Investors also drew attention to media reports, according to which the OPEC + countries at their next meeting may discuss maintaining the level of oil production or slightly increasing it. The meeting of the alliance will be held on August 3.

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