Oil rises in price after seven days of falling

At the beginning of the new trading week, oil prices began to rise after several days of decline. The current price of Brent is $67.35 per barrel, WTI has risen in price to $64.70. The decline in quotations continued for seven consecutive sessions, which is the longest such period since February 2018.

The market was supported today by news that the Chinese authorities were able to contain a new wave of the spread of Covid-19: on August 23, not a single new case of coronavirus infection was detected in the country. However, the new Delta virus strain continues to pose a threat to many other countries, as well as to global oil demand.

An additional factor in the growth of oil prices, analysts say, the purchase of assets at low prices and the positive dynamics of other asset classes.

The focus of the markets this week is the annual economic symposium in Jackson Hole and the speech of the chairman of the Federal Reserve System (FRS) Jerome Powell. Investors are interested in the question of when the American regulator intends to start curtailing the asset repurchase program. In addition, traders are looking forward to the next meeting of representatives of the OPEC + countries, scheduled for September 1.