The price of Brent oil dropped to $79.4 after a jump the day before

On Tuesday morning, oil prices are only slightly declining after a sharp rise that led to the renewal of monthly highs. March Brent futures fell to $79.41 per barrel. On Monday, these contracts rose in price to $80.52 per barrel.

Quotes for WTI crude oil futures for March fell to the level of $74.12 per barrel after yesterday's rise to $ 75.40. Both grades of oil ended trading on Monday at the highest levels since December 26 last year.

Analysts note the optimism of traders who have stopped fearing a recession in the economy. This increases demand forecasts at a time when the supply situation is quite difficult. If the economy continues to grow, demand may exceed expectations, and the supply deficit may worsen later this year. 

Experts also emphasize the improvement in the attitude of market participants to risky assets, which is confirmed by the growth of American stock indices. And a positive mood in the stock market helps to increase investor interest in other risky assets, including oil.