Oil prices remain stable

Global oil prices showed stability on March 9 morning, Report informs referring to the auction data.

Markets continue to assess the prospects for demand amid recession risks and statements by the US Federal Reserve (Fed), paying attention to the statistics on stocks in the country.

The price of May futures for Brent crude rose by 0.02% to $82.68 per barrel, and April futures for WTI grew by 0.01% to $76.67.

In general, prices are stable on multidirectional factors. Thus, earlier in the week, US Federal Reserve Chairman Jerome Powell confirmed the regulator’s intention to continue raising the discount rate in the fight against inflation. Monetary tightening fuels fears of a recession, which is negative for the demand outlook.

At the same time, on March 8, the US Department of Energy reported that commercial oil reserves in the country for the week to March 3 decreased by 1.7 million barrels, while analysts, on the contrary, expected growth. Oil production in the country for the week fell by 100,000 barrels per day, to 12.2 million barrels per day.