On the London market, the price of a barrel in morning trading is $82.11. On the American market, the price of oil is trading at $75.45, according to data published on the OilPrice website.
The focus of the market this week is the minutes from the meeting of the American central bank Federal Reserve (Fed), taking into account that the data published last week showed a halt in the trend of weakening inflation, the Mina agency reports, referring to Hrportfolio.
Investors are worried that the Fed could keep interest rates higher for longer in such conditions.
Higher borrowing costs would mean slower economic growth and demand for oil.
Acceleration in the Eurozone
Investors were briefly reassured by a survey by S&P Global, which showed accelerated growth in eurozone activity in February, signaling that the outlook for the economy in the eurozone is not as bleak as feared.
A more significant drop in prices was stopped by the hope that lifting strict measures to combat the coronavirus would pave the way for stronger growth of the Chinese economy and demand for oil.
Traders will also be closely watching US inventory data to gauge demand. Due to a holiday at the beginning of the week, the government and the American Petroleum Institute (API) will release reports a day later.
The Organization of the Petroleum Exporting Countries (OPEC) separately announced that on Monday, a barrel of the oil basket of its members cost $82.02.
