Oil market is showing an upswing, recovering from last week's drop amid concern about a shortage of fuel supply in the global market.
Oil prices are maintained by concerns about supply, provoked by a reduction in fuel supplies from Russia and the inability of OPEC countries to increase production up to target levels, Trading Economics writes. Meanwhile, global oil demand is recovering from the downturn caused by the coronavirus pandemic.

On the other hand, the active rise in interest rates by the world's leading central banks is also raising alarm among oil market participants, as this may slow down the growth of the global economy.

Brent crude oil futures for August on the London ICE Futures exchange amounted to $115.33  per barrel on Tuesday , which is $1.20 (1.05%) higher than the closing price of the previous session.

The price of August Brent futures on the London ICE Futures exchange on Tuesday is $115.33 per barrel, which is $1.20 (1.05%) higher than the closing price of the previous session. According to the results of the Monday trading, the contract went up in price by $ 2.01 - up to $114.13 per barrel.

The price of August WTI futures went up by $2.17 (2.01%) - to $110.16 per barrel at NYMEX e-auctions. No WTI trading was held on Monday due to the holiday in the USA.

At the end of last week, Brent fell by 7.3%, WTI - by 9.2%.