Oil prices bounce back on Chinese import data

World oil prices on June 20 morning started growing back again, after fall on June 17, which is facilitated, among other things, by data on China’s increase in oil supplies from Saudi Arabia and Russia, Report informs referring to the auction data.

The price of August futures for Brent crude rose by 0.61% to $113.81 per barrel, and August futures for WTI rose by 0.7% to $108.72.

On June 20 morning, oil prices began to correctively grow after the price of Brent crude fell by 5.58% on June 17, and WTI by 6.83%.

This decrease was facilitated by fears of a recession in the US after Federal Reserve Chairperson Jerome Powell said that he and his colleagues were clearly aimed at returning inflation to the target of 2%. Traders fear that tough policies could lead to a recession, which in turn will significantly reduce energy consumption.

The increase in prices is supported by data on oil purchases by China. The media, citing Chinese customs, reported earlier on June 20 that oil imports from Saudi Arabia in May rose by 9% year-on-year, and from Russia by 55% (and about a quarter compared to April), reaching a record level of nearly 2 million barrels a day.