Global oil prices rise

Global oil prices rose on May 19 morning and for the first time in five weeks may end the week with growth of more than 3%, Report informs referring to the auction data.

The price of July futures for Brent crude increased by 0.75% to $76.43 per barrel, June futures for WTI grew by 0.70% to $72.36. Thus, since the beginning of the week, this growth currently stands at 3.03% and 3.27%, respectively.

Prices also rose on May 19 after US initial jobless claims fell by 22,000 to 242,000 in the week ending May 13. Analysts had expected only a 10,000 decline. The data shows a cooling labor market and could solidify the possibility of a pause in the US Federal Reserve’s monetary tightening cycle.