Brent oil rises to $87.85 per barrel

Oil prices continued to rise on Tuesday after growing the day before on signals of increased industrial activity in the US and China, Report informs via Interfax.

The market is also affected by fears of increased geopolitical tensions after Israel attacked the Iranian consulate in Damascus.

The price of June futures for Brent oil on the London ICE Futures exchange amounted to $87.85 per barrel, which is $0.43 (0.49%) higher than at the close of previous trading.

On Monday, these contracts rose by $0.42 (0.5%) to $87.42 per barrel.

WTI oil futures for May rose in price by $0.44 (0.53%) to $84.15 per barrel in e-trading on the New York Mercantile Exchange (NYMEX).

According to the results of previous trading, the cost of these contracts increased by $0.54 (0.7%) to $83.71 per barrel, the maximum since October 27.

A report from the Institute for Supply Management (ISM), released on Monday, showed an increase in business activity in the US manufacturing sector. The ISM Manufacturing Index increased to 50.3 points in March compared to 47.8 points a month earlier. The index rose above 50 for the first time in 17 months.

Meanwhile, in China, the manufacturing purchasing managers' index (PMI) rose to 50.8 last month, the highest since March 2023, the country's National Statistics Office said on Sunday. The indicator exceeded 50 points for the first time in five months.

The oil market continues to wait for news from OPEC+. The coalition states, which will meet again on April 3, are likely to maintain current production restrictions.