Brent crude oil has risen in price after a two-day decline

On Wednesday morning, benchmark oil prices are rising after two days of decline. Analysts expect the head of the Federal Reserve System to address the House of Representatives on Wednesday and the Senate on Thursday.

Experts note that «hawkish» data from Fed Chairman Jerome Powell is expected, reflecting the Fed's average forecast for an increase in interest rates in the coming months and more stable inflation in the future.

The market also expects statistics on changes in reserves of oil, gasoline and distillates in the United States. Forecasts point to a decline in oil reserves last week, and if expectations are confirmed, this could support oil prices. 

The American Petroleum Institute (API) will present its report on Wednesday evening, and the US Department of Energy will share its official statistics on Thursday. 

The current quotation of Brent crude oil is $76.22 per barrel. North American grade WTI is trading near $71.50 per barrel. A day earlier, Brent declined to $74.60 per barrel, WTI – to $69.80.