Oil prices rose on Monday after their largest drop since February in the previous week.
Report informs via Interfax that the cost of July futures for Brent oil on London's ICE amounted to $83.25 per barrel, an increase of $0.29 (0.35%) from the previous close.
On Friday, the futures fell $0.71 (0.9%) to $82.96 per barrel.
WTI oil futures for June in electronic trading on the New York Mercantile Exchange (NYMEX) increased in price by $0.3 (0.38%) to $78.41 per barrel. According to the results of previous trading, the cost of these futures decreased by $0.84 (1.1%) to $78.11 per barrel.
At the end of the week, Brent fell in price by 6%, and WTI lost almost 7%.
The market was pressured last week by data on rising inventories in the US and signals of declining demand, as well as some easing of concerns related to the possibility of a reduction in oil supplies from the Middle East.
Traders believe that against the backdrop of a significant decline in prices, OPEC+ countries will continue to limit production. Most traders and analysts surveyed by Bloomberg expect that alliance countries adhering to voluntary production restrictions will extend existing measures until the end of this year.
Saudi Aramco said over the weekend it would raise oil prices for Asian buyers in June. The cost of the main variety supplied to Asia, Arab Light, will increase by $0.9 per barrel. As a result, it will cost $2.9 more than a basket of oil from Oman and Dubai, Saudi Aramco said.