Brent price went up to nearly two-year high
On Wednesday, oil prices are growing, data from the American Petroleum Institute (API) showed a decrease in oil stocks in the US last week, Interfax reports.
By 8:09 a.m. Kyiv time, Brent August futures rose in price by $0.34 (0.47%) to $72.56 per barrel on the London ICE Futures exchange. During the previous session, Brent price increased by $0.73 (1%) to$72.22 per barrel, which is the maximum since May 2019.
By this time, WTI July futures price increased by $0.36 (0.51%) to $70.41 per barrel in electronic trading of the New York Mercantile Exchange (NYMEX). On Tuesday, the contracts price went up by $0.82 (1.2%) to $70.05 per barrel. This is the highest closing level since October 2018, according to Dow Jones Market Data.
API reported yesterday that US oil reserves for the week ended June 4 fell by 2.1 million barrels.
The US Department of Energy has raised its forecast for the average price of Brent crude for the current year from $ 62.26 to $ 65.19 per barrel, follows from the monthly forecast of the Energy Information Administration (EIA). However, EIA has lowered its forecast for the average price of Brent for next year to $60.49 per barrel from $60.74.
The EIA forecast for the average price of WTI crude oil for 2021 has been increased to $61.85 per barrel against the estimate in May at $58.91, and for 2022 it has been lowered to $56.74 per barrel from $56.99.
According to S&P Global Platts, production from OPEC+ countries increased by 430 thousand bpd in May, the deal to cut production was executed by 111.45% compared to 111.16% in April.
As reported, the US authorities returned several million dollars, which were paid by the pipeline company Colonial Pipeline in ransom to hackers who hacked into its computer network.
Tags: oil, USA, OPEC+, price, petroleum products, oil deliveries, oil reserves, economy, oil market
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