Brent crude rose to more than $ 121 a barrel amid concerns over fuel demand and decisions to raise interest rates in the United States.

According to Reuters from Singapore, amid concerns over fuel demand and economic conditions on the eve of a significant increase in US Federal Reserve interest rates, oil prices rose in trading on Wednesday (June 25), while in the early hours of trading.

In today’s volatile trading, North Sea Brent crude for August delivery traded up 15 cents, or 0.1 percent, at $ 121.32 a barrel at 4:22 a.m. in the early hours of the day. It fell to $ 120.65 a barrel on Tuesday (June 24) after falling 0.9 percent.

West Texas Intermediate crude for July delivery rose 15 cents, or 0.1 percent, to $ 119.8 a barrel on the New York Mercantile Exchange after hitting $ 118.22. .

Rising inflation has prompted investors and oil traders to prepare for the central bank’s big move this week (a 75-point increase, the largest increase in US interest rates in 28 years) this week.

“An aggressive signal from the US Federal Reserve may raise concerns about the global recession, which will affect energy demand,” said Leona Liu, an analyst at the Singapore-based DailyFX Institute.

provided by: MohammadSadegh Razmi