Oil may post another consecutive monthly decline as US data weigh on prices

Oil prices are rising today, but could post another consecutive monthly decline. They are being weighed down by economic data from the United States. The demand outlook remains uncertain amid the possibility of further interest rate hikes in the US.

North Sea Brent crude was up about one percent at $79.15 a barrel at around 16:45 CEST. US light crude West Texas Intermediate (WTI) was up around 0.9 percent at $75.45 a barrel. Brent could post its fourth consecutive monthly decline, while WTI could post its sixth.

Data released on Thursday showed that US economic growth slowed more than expected in the first quarter. Investors are concerned that possible interest rate hikes by central banks battling inflation could slow economic growth and disrupt energy demand in the United States, Britain and the European Union. The US Federal Reserve’s next monetary policy meeting will take place on May 2–3.

Oil prices in dollars per barrel (about 159 litres):