Oil rises in price awaiting US stock data, Brent at $ 35

11 months ago

World oil prices on Wednesday afternoon rise in anticipation of data from the US Department of Energy on stocks, according to trading data.

As of 13.26 Moscow time, the price of July futures for North Sea Brent crude oil rose 1.01%, to $ 35 per barrel, July futures for WTI crude oil rose 0.41%, to 32.09 dollars per barrel.

Investors are awaiting the publication of official data on oil reserves in the US later in the evening. Analysts forecast an increase of 1.15 million barrels.

Investor optimism is associated with signs of improved demand and API data on a reduction in US oil reserves. According to the API, plants are trying to produce more fuel as the United States begins to ease restrictions on coronavirus. At the same time, oil reserves in the United States last week fell by 4.8 million barrels, which was better than analysts’ forecasts.

“Markets are gradually returning to their normal state through reduced supply and a recovery in demand,” Reuters quoted ING analysts as saying.

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