Global oil prices rise over 1%

Global oil prices on March 15 morning rose by more than 1%, Report informs referring to the auction data.

Prices are stabilizing after two trading sessions of decline, investors are also paying attention to demand forecasts, also expecting weekly statistics on stocks in the US.

The price of May futures for Brent crude rose by 1.39% to $78.53 per barrel, April futures for WTI grew by 1.51% to $72.41.

Oil prices fell for two days in a row, during which time its value fell by more than 6%. The reason was a global risk aversion against the backdrop of declining stock markets, as investors were concerned about the situation in the US banking sector after the closure of several banks. Fears were associated with the tough policy of the US Federal Reserve System (FRS).

Traders are paying attention to the data of the American Petroleum Institute (API) on US commercial stocks. According to API estimates, the country's commercial oil reserves rose by 1.2 million barrels in the week to March 10, growth by only 0.6 million was expected. Official statistics will be published by the country's Department of Energy on February 15 evening. Analysts predict an increase of 1.2 million.

Investors also evaluate the data of the OPEC report, published the day before. The organization in its monthly report noted that this year it expects an increase in demand from China, one of the biggest consumers and importers of oil.