Prices for benchmark oil fell on Monday morning after rising last week. Report informs via Interfax.
The price of Brent oil June futures on the London ICE Futures exchange is $88.71 per barrel, which is $0.79 or 0.88% lower than the close of the previous session.
On Friday, these contracts rose in price by $0.49 (0.6%) to $89.5 per barrel.
Futures quotes for WTI for June in e-trading on the New York Mercantile Exchange (NYMEX) decreased by $0.68 (0.81%) and amounted to $83.17 per barrel.
At the end of the last session, the contract rose by $0.28 (0.3%) to $83.85 per barrel.
Both brands ended Friday trading at their highest levels since April 16, MarketWatch says. Over the entire past week, the price of Brent increased by 2.5%, and WTI went up by 2%.
The outlook for oil demand is negatively affected by market sentiment regarding interest rate cuts by the US Federal Reserve, which worsened after the release of inflation data in the country late last week. The consumer price index (PCE index) in the US increased by 0.3% in March and coincided with the consensus forecast provided by Trading Economics.
The growth of the PCE Core index, which does not take into account the cost of food and energy resources, last month remained at the February level both in monthly and annual terms - 0.3% and 2.8%, respectively.
The Federal Reserve targets inflation at 2%.
