The price of Brent crude oil rose to $ 74.64 per barrel

World oil prices on Wednesday morning are raising after the publication of data on commercial reserves of “black gold” in the United States, Brent crude oil is approaching the mark of $ 75 per barrel, according to trading data.

The price of August futures for Brent North Sea oil blend raised by 0.88%, to $ 74.64 per barrel, the price of July futures for WTI – by 0.83%, to $ 72.71.

Oil prices are rising on Wednesday morning after the publication of statistics on commercial stocks in the United States. So, for the week to June 11, they fell by 8.5 million barrels, while analysts expected a decrease of 3 million. Thus, the indicator decreases for the fourth week in a row.

Overall, traders are optimistic about oil demand due to the economic recovery, the ongoing vaccination program, and expectations of an easing of quarantine restrictions.

“During the month, it was a straight path up for oil, fueled by optimism about rising consumption as global vaccination continues in earnest. We see that the market is experiencing a supply shortage for the rest of 2021 and may reach a peak of $ 80 per barrel before the end of the year,” Howie Lee, an economist at Oversea – Chinese Banking Corp, told Bloomberg.

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Author: Ivan Maltsev
The study of political and social problems of different countries of the world. Analysis of large companies on the world market. Observing world leaders in the political arena.
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Ivan Maltsev

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