World oil prices returned to growth on Thursday evening amid concerns about the supply of raw materials with steady demand, according to trading data and analysts’ comments.

the price of August futures for Brent crude oil rose by 0.32% to $ 118.87 per barrel, July futures for WTI — by 0.89% to $ 116.39.

Earlier in the day, the price of oil fell by almost 2% in light of concerns about high inflation and economic recovery, which led to the actions of world central banks. World central banks are tightening monetary policy and raising key rates: the US Federal Reserve System (FRS) raised the key rate by 75 basis points, to 1.5-1.75%, and on Thursday the rates were raised by the Central Banks of Switzerland and the UK.

“The main factors of oil weakness are that central banks around the world are showing that aggressive monetary policy tightening will cripple economic growth and probably lead to some destruction of demand for crude oil in the short term,” Edward Moya, senior market analyst at OANDA

Although Russia’s revenues from energy exports initially fell after the sanctions were imposed, the subsequent rise in oil prices only increased its revenue, writes Forbes. At the same time, as the magazine notes, Moscow still benefits greatly from exports due to the fact that a number of countries have increased their imports, as well as for the reason that many Western countries still transport Russian black gold.

Against the background of the conflict in Ukraine, energy exports from Russia are often spoken of as the main source of financing for the Russian army. In this context, the West has imposed appropriate sanctions to reduce imports of Russian oil and gas. At the same time, Russian oil is more important in this regard, since Moscow’s revenues from the export of oil and its derivatives far exceed revenues from gas exports, writes Forbes.

The USA and Poland stopped importing Russian oil, but their share in the total electricity consumption was small. Lithuania, Finland and Estonia have cut their consumption by more than 50%. The UK has also said it will stop importing Russian oil by the end of 2022. As for Germany, if at the beginning of the conflict its share of imports from Russia was 35%, now it has shrunk to only 12%. EU members also agreed to ban the supply of Russian oil by the end of 2022, but gave concessions to a number of countries, including Hungary and Slovakia.

Later in the evening, oil quotes returned to growth due to worries about the supply of “black gold” against the background of anti-Russian sanctions and positive expectations for an increase in demand from China.