Oil prices are slowly rising on June 10 after declining last week, Report informs referring to Interfax.
The cost of August Brent futures on the London ICE Futures exchange rose by $0.25 (0.31%) to $79.87 per barrel. By this time, July futures for WTI had risen in price on the NYMEX exchange by $0.2 (0.26%), to $75.73 per barrel.
Last week, Brent lost 1.8%, and WTI decreased by 1.9%.
Traders are awaiting monthly oil market reports from OPEC and the International Energy Agency, which will be published on June 11 and 12. In addition, investors’ attention is focused on the two-day Federal Reserve meeting ending June 12.
Goldman Sachs Group Inc., meanwhile, maintains its forecast for the price of Brent oil at $75-90 per barrel. Bank experts note that high demand in the summer, when energy consumption traditionally increases due to the need for air conditioning, as well as increased activity of car owners, can lead to a significant deficit in the oil market in the third quarter.