Oil prices are rising

Oil prices are rising

Oil prices are rising as a recession in the United States seems more imminent.


Oil prices hit new highs at the start of Tuesday’s trading sessions as a result of a crude supply constraint and the risk of a recession
which would lower future demand for oil.

President Joe Biden of the United States said on Monday that a recession is unlikely
citing the importance of energy use, and that he is seeking a decision on suspending the federal gasoline tax
a step that would help to offset the price of gasoline.

Because Russia is the world’s second largest exporter of oil
the introduction of sanctions on Russian oil supplies has had an impact on growing prices.

We were aware of the August delivery.
Brent futures increased 0.82 percent to $115 a barrel.

U.S. crude futures rose 1.79 percent to $115.52 a barrel for July delivery.

On Wednesday, June 17, oil markets will receive data on US oil inventories
as well as data on US energy information on Thursday.

artical name Oil prices are rising