Oil prices show growth after the publication of US reserves data

US, WASHINGTON (ORDO NEWS) — Oil quotes in the world rose amid data from the US Department of Energy on the growth of oil reserves in the country, which did not coincide with analysts’ forecasts.

By 18:01 GMT, futures for WTI North American crude oil for delivery in June rose 32.98% to $ 16.41 per barrel, and before that, WTI prices rose 35% to $ 16.63.

Futures for North Sea Brent crude for July delivery rose 8.18% to $ 24.6 per barrel. Prior to this, North American oil grew by more than 10% to $ 25.19 per barrel.

Futures for Brent crude for June delivery rose 13.98% to $ 23.32 a barrel.

Prior to this, the US Department of Energy reported that US oil reserves excluding the strategic reserve for the week of July 24 grew by 9 million barrels to 527.6 million. The growth was 1.7%.

At the same time, analysts predicted an increase in oil reserves in the US over the week by 10.6 million barrels.

The optimistic sentiment was supported by a decrease in oil production, gasoline reserves and the strategic reserve in the United States.

JBC Energy analysts noted that the price of WTI crude oil rose at the expense of better than expected, but rather not such poor data on US oil reserves.


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