Listen to the news

Oil prices on world markets rose again today, after falling by around 8 percent yesterday due to concerns that the world economy is entering a period of recession, which will limit demand, Reuters reported, quoted by BTA.

Investors have returned to the "black gold" as supply problems persist and markets promise to remain "tight" for now.

North Sea Brent futures for August delivery rose $3.08, or 2.9 percent, to $105.85 a barrel, after falling 9.5 percent yesterday.

U.S. light crude oil rose $2.64, or 2.7 percent, to $102.14 a barrel after closing below $100 yesterday for the first time since April.

OPEC Secretary General Mohamed Barkindo said yesterday that the oil sector is "under siege" because of a lack of investment for years.

According to him, the gaps in the market can be filled with an increase in supplies from Iran and Venezuela.

Oil fell below $100 for the first time in nearly two months

Former Russian President Dmitry Medvedev warned that if the Japanese proposal to impose a ceiling on the price of Russian oil at half the current price is accepted, the markets will feel a serious shortage and the price of black gold will become 300-400 dollars per barrel.

Instead, the Norwegian government decided to intervene to stop the strike by oil and gas workers, as it would put further pressure on the markets.

oil prices