Oil is recovering at the beginning of the week

Oil prices are recovering on Monday morning after last week's decline – investors are analyzing the production situation and waiting for the decision of the US Federal Reserve System.

The current quotation of August Brent futures on the London ICE Futures exchange is $80.04 per barrel. On Friday, contracts fell to $79.33 per barrel. WTI crude futures for July on the electronic trading of the New York Mercantile Exchange (NYMEX) rose in price to $75.90 per barrel. Following the results of the previous session, the value of these contracts decreased to $75.24 per barrel.

The number of operating oil and gas drilling rigs in the world decreased for the third month in a row in May, according to data from the American oilfield services company Baker Hughes. On average, 1,675 installations were operating last month, compared to 1,726 in April. The May level is 107 lower than in the same month of 2023.

The results of the next meeting of the Federal Reserve will be announced on Wednesday and may affect the attractiveness of various asset classes. The market is almost certain that the US Central Bank will leave interest rates unchanged.

Also on Wednesday, attention should be paid to data from the US Department of Labor on the dynamics of consumer prices in May, which the Fed may take into account when making a decision on monetary policy.