Oil prices rose on April 11 morning after a sharp decline the day before.
The cost of June futures for Brent on London’s ICE Futures exchange was $84.73 per barrel, Report informs referring to Interfax.
This is $0.55 (0.65%) higher than the previous session’s close.
The price of futures for WTI oil for May in electronic trading on the New York Mercantile Exchange (NYMEX) is $80.33 per barrel by this time, which is $0.59 (0.74%) higher than the final value of the previous session.
The key events for the oil market this week will be the publication of reports from the Energy Information Administration of the US Department of Energy, the International Energy Agency and OPEC.
In addition, investors are waiting for March data on US inflation. Analysts surveyed by Trading Economics predict that US consumer price growth slowed to 5.2% in March from 6% in February.
The spread between Brent futures for December this year and December next year rose to $5.5 per barrel from $2.5 per barrel three weeks earlier. This indicates that the market is afraid of a reduction in stocks, Bloomberg notes.