Oil rises, Brent at $115

Oil drilling rigs

Oil prices rose today, June 21, as investors awaited assessed the possibility of recession in the US in light of the Federal Reserve's decision on tighter monetary policy.

According to a Bloomberg report, President Joe Biden said that a US recession is not “inevitable,” which supports energy consumption.

Biden also aims to take a decision this week on suspending the federal gasoline tax, as part of the efforts to mitigate the impact of high fuel prices in the country.

Meanwhile, oil prices are heading towards quarterly gains, supported by high demand and supply disruptions due to the war in Ukraine. This comes despite the monetary tightening by the Federal Reserve that raised concerns about an economic slowdown.

In terms of trading, Brent crude rose 0.82% to $115.07 per barrel, at 9:03 am GMT.

West Texas Intermediate (WTI) crude rose 1.79% to $111.52 a barrel. Markets in the US were closed on June 20.