Oil quotations are rising on Wednesday on data from the American Petroleum Institute (API), which showed a decline in the US stocks last week, Interfax reports.
By 8:10 Kyiv time, Brent September futures rose in price on the London ICE Futures exchange by $ 0.32 (0.43%), to $ 74.8 per barrel. On Tuesday, Brent fell in price by $ 0.02 (0.03%) - to $ 74.48 per barrel.
WTI September futures by this time went up by $0.39 (0.54%) to $72.04 per barrel in electronic trading on the New York Mercantile Exchange (NYMEX). During the previous session, the contract price decreased by $0.26 (0.4%) to $71.65 per barrel.
According to API data, stocks of raw materials in the United States for the week ended July 23 fell by 4.728 million barrels.
Experts believe that global oil stocks will decline during the remainder of this year amid the recovery of the economies of major energy consumers. At the same time, experts warn that the rapid spread of the new strain of COVID-19 ‘Delta’ will limit demand in the short term.
"The main risk for the oil market at the moment remains the ‘Delta’, as many countries are trying to adapt to the renewed increase in the incidence,” analyst DBS Bank Ltd. in Singapore Suvro Sarkar told Bloomberg. Strong demand in the US and Europe, however, will continue to support oil prices in the near term.