Oil prices rise on news from the US

On Friday, world oil prices continued to rise, reaching $76.78 per barrel. The rise of the oil market has been observed for several days, and there is a possibility that prices may end the week with an increase of more than 3%. 

The price recovery occurred for the first time after a month of continuous decline caused by financial events in the United States (the bankruptcy of the next American bank First Republic) and the increase in interest rates in Europe and the United States.

The current quotation of Brent crude oil is $76.34. North American WTI crude oil shows similar dynamics: quotes of this grade are located near the level of $72.60 per barrel. 

The prices were supported by yesterday's news from the United States. The number of initial applications for unemployment benefits in the United States decreased by 22 thousand, to 242 thousand, while analysts expected a decrease of only 10 thousand. These data signal some cooling of the labor market and may increase the likelihood of a pause in the cycle of monetary policy tightening by the US Federal Reserve.

Industrial statistics from China also had an additional impact on the oil exchange rate this week, which raised doubts about the prospects for demand in the world's largest oil importer. In April, the volume of industrial production in China increased by 5.6% year-on-year.