Oil is getting more expensive today after the increase in the results of the previous week.

Oil quotations ended last week with strong gains, with WTI adding about 2.5% and Brent up about 1% amid investor supply concerns.

“The attention of the oil market fluctuates between the tightening of monetary policy, causing an economic downturn, and the decline in global oil supply,” said Saxo Bank analyst Ole Hansen.

The expert also added that the situation may worsen as the Chinese authorities lift coronavirus restrictions in Shanghai and demand rises further, while oil supplies on the world market are becoming more limited due to the ongoing conflict in Ukraine.

At the same time, some pressure on the market is being exerted by the general downturn in stock markets. “It’s hard for oil to stay up while stock indices are struggling,” said Robert Yager of Mizuho Securities.

The cost of July futures for Brent crude oil on London’s ICE Futures exchange by 8:22 Moscow time on Monday is $113.43 per barrel, which is $0.88 (0.78%) higher than the price at the close of the previous session. At the end of trading on Friday, these contracts rose by $0.51 (0.4%) to $112.55 per barrel.

The price of WTI oil futures for July at the electronic trading of the New York Mercantile Exchange (NYMEX) by this time rose by $0.63 (0.57%) – to $110.91 per barrel. On Friday, the cost of these contracts rose by $0.39 (0.4%) to $110.28 per barrel.