Oil prices are rising on Tuesday in the correction after a decline on Monday and Friday.
At 08:30 cost of oil mixture Brent grew by 0.47% to $51,83 per barrel. The price of WTI was understood by 0.47% to $49,46 per barrel.
On Monday, oil fell as investors worried about persistent global oversupply of oil on the market. Investors also continued to respond to the increased production of raw materials in the United States.
“OPEC failed in its efforts to balance the oil market,” said an analyst with Schork Group Inc Stephen Shork. According to him, despite the production cuts, inventories of oil are at record levels.