At around 6 am ET, a barrel of North Sea Brent for June delivery was up 0.39% at $81.34.

Its US equivalent, a barrel of West Texas Intermediate (WTI), for delivery in the same month fell 0.26% to $77.67.

“The prospects for weaker economic growth have an effect on expectations for world oil demand,” sums up Ricardo Evangelista, an analyst at ActivTrades.

As inflation persists around the world, investors are increasingly anticipating further tightening of monetary policy, which is weighing on the economy and therefore appetite for crude oil.

In this context, prices plummet after the rebound registered at the beginning of April, when several members of the Organization of the Petroleum Exporting Countries and their allies (OPEC+) announced voluntary production cuts.

Compared to its level at the end of March, just before the production cut announcements, Brent gained 1.95% and WTI 0.95%.

ING analysts note, however, that demand persists, particularly in India, where imports have increased last year and in recent months.

“Local refineries processed a record 23,000 tons in March, a slight year-on-year increase of 3%,” they comment.

And China, the world’s biggest importer, could see its consumption rise as the Golden Week holiday rolls around next week, encouraging travel within the country.

US growth data on Thursday could also influence demand forecasts for the world’s largest consumer of black gold.