Oil prices rise after 2-day decline

Global oil prices rose on June 21 morning after a two-day decline, Report informs referring to the auction data.

The price of July futures for Brent crude rose by 0.54% to $76.31 per barrel, June futures for WTI grew in price by 0.63% to $71.64.

In the previous two days, oil fell in price. The price of Brent fell by 0.93%, and WTI decreased by 1.36%.

Markets continue to assess the prospects for economic recovery in China - one of the largest consumers and importers of oil. On June 20, the People’s Bank of China (central bank) lowered the prime rate on loans for first-class borrowers (LPR, loan prime rate) to 3.55% for the first time since August 2022. This can serve as support for accelerating the growth of the country’s economy.