Oil prices are rising, despite weak demand in Asia

The price of oil is growing moderately on Tuesday, recovering from yesterday's fall to the level of $68.27 per barrel. The current Brent quote is $69.80. WTI crude oil has recovered to $67.30 per barrel.

At the last session, the pressure on the «black gold» was exerted by data from China, according to which, the daily volume of oil refining in China, the largest importer, fell to the lowest since May 2020 in July. This was due to a reduction in production by independent factories due to tighter quotas, high inventories and lower profits.

Growth in industrial production and retail sales in China also slowed sharply in July and turned out to be weaker than expected, as new coronavirus outbreaks and floods reduced business activity.

What else is going on in the oil market:

US shale oil production in September is expected to grow to 8.1 million barrels per day, the highest since April 2020.

Last week, the US called on OPEC to increase supplies to contain the rise in gasoline prices, which they consider a threat to the global economic recovery. However, neither the organization itself nor its partners recognized the need to increase oil supplies to the market beyond the planned one.