Brent prices rose to $75.7 per barrel

Brent oil rose to $75.7 as fears of a possible recession eased.

Brent rose to $75.7. This is reported by Encorr. Prices for American oil will remain high, despite reductions in global reserves of the energy carrier.

The price of July Brent oil futures on the London ICE Futures exchange reached $75.7 a barrel as of Monday — $0.4 (0.53%) higher than the closing price of the previous session. On Friday, these contracts rose in price by $2.8 (3.9%) to $75.3 per barrel.

The price of WTI oil futures for June on electronic trading of the New York Mercantile Exchange (NYMEX) increased by $0.43 (0.6%) to $71.77 per barrel. According to the results of the previous session, the value of contracts increased by $2.78 (4.1%) to $71.34 per barrel.

Demand for fossil fuels is expected to remain strong in the coming months. At the same time, oil reserves in the world are decreasing, and this problem will be exacerbated by the reduction in production by the OPEC+ countries.