Oil prices are on the rise

World oil prices rise on Tuesday morning after falling the day before, according to trading data.

As of 8:18 Moscow time, the price of September futures for Brent crude grew by 0.33% to $78.77 per barrel, September futures for WTI rose by 0.38% to $74.36. A day earlier, Brent fell 1.72%, WTI - 0.91%.

Markets are evaluating important macroeconomic data from China, one of the world's largest oil importers and consumers. Thus, the country's GDP in the second quarter of this year grew by 6.3% in annual terms after growing by 4.5% in the first quarter. Analysts predicted an increase in the indicator to 7.3%.

"Weaker-than-expected macroeconomic data from China and the reaction of the oil market show that the main problem for the market remains demand," Warren Patterson, head of commodities strategy at ING Groep NV, told Bloomberg. "Nevertheless, we maintain a constructive view of the market, as the oil balance will worsen in the second half of the year," the expert concluded.