Oil posts slight growth after previous decline

Global oil prices are rising on March 19 morning - investors are recovering losses after March 18 sales, according to trading data, Report informs referring to Prime agency.

As of 8:32 (GMT +4), the price of May futures for North Sea Brent oil blend grew 0.21 percent - to $63.41, while the price of April futures for WTI rose 0.2 percent to $60.12 per barrel.

On March 18, oil prices fell by an average of 7 percent for both brands. At the same time, WTI crude fell below $60 per barrel, and Brent oil dropped below $62 per barrel. Investors are worried about the outlook for oil demand amid the suspension of AstraZeneca vaccine use in several European countries due to possible side effects.

Analysts believe that the fall in prices is also due to the overheated market. This is indicated, in particular, by analysts at Goldman Sachs.

They noted that the sale after a large-scale rally is a ‘temporary pullback’, giving an opportunity for purchases. In the coming months, experts expect prices to rise as COVID vaccinations will restore population mobility, including an increase in air travel, which will support oil demand.