Global oil prices slightly grow

Global oil prices on April 20 morning rose by more than 1% on fears of oil shortage in the market, Report informs referring to the auction data.

The price of June futures for Brent crude rose by 1.19% to $108.53 per barrel, June futures for WTI rose by 1.25% to $103.33.

On April 20 morning, the dynamics of prices are influenced by fears about the emergence of oil shortage against the backdrop of various factors. So, investors are afraid of a craze in oil demand in China due to the easing of coronavirus restrictions.

Even with significant declines in air travel, both domestic and international, cargo activity in China remains strong, The Wall Street Journal reports.

Also, oil prices are supported by the statement of the International Monetary Fund about a significant deterioration in global economic prospects amid geopolitical tensions leading to supply disruptions from both Russia and Ukraine. This again reinforced investors' fears about the lack of raw materials.

In addition, oil prices are positively affected by the weakening of the dollar. Thus, the dollar index (the exchange rate against a basket of six currencies of US trading partners) declined by 0.23%, to 100.73 points. A cheaper dollar makes commodities, including oil, more affordable when bought in another currency.