Oil prices are rising today after strong growth the day before.

The cost of August futures for Brent oil on the London exchange ICE Futures by 8:20 Moscow time was $116.6 per barrel, which is $1.51 (1.31%) higher than the price at the close of the previous session. At the end of trading on Monday, these contracts rose by $1.97 (1.7%) to $115.09 per barrel.

The price of WTI oil futures for August at the electronic trading of the New York Mercantile Exchange (NYMEX) amounted to $110.82 per barrel by this time, which is $1.25 (1.14%) more than the final value of the previous session. By the close of the market the day before, the value of these contracts rose by $1.95 (1.8%), to $109.57 per barrel.

The market is still concerned about the prospects of reducing the supply of energy resources. On Monday, the media reported that oil supplies from Libya may continue to decline due to the worsening political crisis in the country, and oil production in Ecuador may be threatened by anti-government protests.

Meanwhile, prospects for increased supplies from key oil-producing countries, the UAE and Saudi Arabia, remain limited. French President Emmanuel Macron told U.S. President Joe Biden during the G7 summit in Germany that current oil production levels in the UAE and Saudi Arabia are near their peak. Macron referred to a conversation with UAE chief Mohammed bin Zayed Al Nahyan.

“The structural deficit persists. For oil prices to move to a significant and permanent decline, more barrels will need to come on the market,” said SPI Asset Management analyst Stephan Innes.

The market will now focus its attention on the meeting of OPEC+ representatives, which will be held on Thursday. As expected, the countries of the alliance will continue to adhere to the previous plan to increase production.