Oil prices rebound after falling more than 4%

Global oil prices rose on May 4 morning after losing 4% of the cost the day before on investors’ fears about a slowdown in economic growth, Report informs referring to the trading data.

The price of July futures for Brent crude rose by 0.82% to $72.92 per barrel, June futures for WTI grew by 0.58% to $69 per barrel.

On May 3, Brent lost 4.17% of its value, WTI decreased by 4.27%. Investors were selling assets on fears of a slowdown in economic growth and a fall in demand for oil, despite additional cuts in oil production by OPEC+ countries.

In particular, oil fell in price for two days in a row before the meeting of the US Federal Reserve System (FRS). On May 3, the Fed raised the discount rate by 0.25 percentage points, to 5-5.25%.