Oil prices rise after 2 sessions of decline

Global oil prices afternoon rose on February 23 after two trading sessions of decline, Report informs referring to the auction data.

The price of April futures for Brent crude rose by 0.89% to $81.32 per barrel, April futures for WTI grew by 0.97% to $74.67.

Over the previous two trading sessions, oil fell in total by almost 4%, dropping from $84 and $77 for Brent and WTI oil, respectively.

Later on February 23, the statistics of US commercial oil stocks for the week ending February 17 will be published. Analysts believe inventories rose by 2.1 million barrels after increasing by 16.3 million a week earlier. At the same time, on February 23 night, the American Petroleum Institute (API) estimate was released, which suggests an increase in the indicator by 9.9 million barrels.

The attention of traders also remains around the policy of the US Federal Reserve System (FRS). The regulator is expected to continue its cycle of raising the discount rate in March due to high inflation, which, at the same time, increases the risks of recession, and this affects the prospects for oil demand.