Oil prices rising amid lower COVID risks

Oil prices rose on August 24 morning amid lower fears for the outlook for the global economy after the pandemic, trading data showed, Report informs referring to Prime agency.

As of 9:14 a.m. (GMT+4), the price of November futures for Brent crude oil grew by 0.34 percent - to $68.6 per barrel, the price of October futures grew 0.29 percent, to $68.94 per barrel. September futures for WTI oil rose in price by 0.21 percent to $65.78.

According to media reports, China, which is the largest importer of oil, detected no new cases of infection with the Delta strain the day before.

Analysts at UBS Group AG are generally positive about the prospects for the oil market, despite recent sales under pressure from fears for the global economy due to new outbreaks of COVID-19, Bloomberg reports.

The attention of the markets, including commodities, this week is also focused on the economic conference in Jackson Hole on August 26-28. Investors await the speech of the head of the US Federal Reserve System Jerome Powell, hoping to hear clues about the timing of the withdrawal of stimulus measures. This will affect the further dynamics of the US dollar exchange rate. This, in turn, can influence oil prices.