Oil prices are rising today after a sharp decline the day before, investors continue to monitor the situation with the coronavirus in China and the monetary policy of the Federal Reserve.

The cost of June futures for Brent crude oil on the London exchange ICE Futures by 8:00 Moscow time was $103.61 per barrel, which is $1.29 (1.26%) higher than the closing price of the previous session. At the end of trading on Monday, these contracts fell in price by $4.33 (4.1%) to $102.32 per barrel.

The price of WTI oil futures for June at the electronic trading of the New York Mercantile Exchange (NYMEX) was $99.56 per barrel by this time, which is $1.02 (1.04%) higher than the final value of the previous session. On Monday, the value of these contracts fell $3.53 (3.5%), to $98.54 per barrel.

Oil the previous day ended trading at its lowest levels in two weeks amid ongoing lockdowns in Shanghai and other regions of China that are “severely undermining gasoline demand in the country,” said S&P Global Commodity Insights analyst Marshall Steves.

“This shows the extent to which fears about demand in China outweigh concerns about Russian oil exports,” he added.

Global fuel demand could also be hit if global economic growth slows amid a tightening of monetary policy by the Fed and the world’s other leading central banks as they try to contain rising inflation.