Brent price came close to the level of $76 after a decline the day before

On Tuesday, the oil market is on the rise again: the price of Brent jumped to $75.95 per barrel, and WTI – to $71.14 per barrel. 

Prices were supported by the news that Saudi Arabia intends to extend the voluntary reduction of oil production in the amount of 1 million barrels per day for August. Thus, in August, oil production in the country will remain at about 9 million b/s.

In addition, as part of efforts to ensure market balance, Russia will also voluntarily reduce supplies by 500 thousand barrels per day in August by reducing exports by a designated amount.

However, this news was not enough to develop a full-fledged rally: economic publications from the United States exerted pressure on the market. The index of business activity in the US manufacturing sector (ISM Manufacturing) in June fell to 46 points from 46.9 points a month earlier. Experts expected an increase to 47 points.

Statistics from the eurozone also failed to meet market expectations. The Purchasing Managers' Index (PMI) in the region's industry fell to 43.4 points this month, compared with 44.8 points in May. This final result pointed to the sharpest deterioration in the sector since May 2020.