September Brent futures on the London ICE rose by 1.68% to $45.07 per barrel as of 11:45 a.m., RBC reports.
Futures for US WTI crude oil for September delivery rose by 0.93% to $42.09 per barrel.
Oil prices are rising due to a gradual recovery in demand for raw materials in the world after the easing of quarantine measures in many countries. The price growth was also influenced by the data on the stocks of oil and petroleum products in the USA.
The American Petroleum Institute (API) reported a sharp decline in stocks in the country. Over the week, they fell by 8.6 million barrels, to 520 million barrels, while analysts at Reuters were expecting a decline of only 3 million barrels.
The risks of another fall in oil prices still persist. The second wave of the coronavirus pandemic seems increasingly possible, there is still no confidence in the creation of an effective vaccine, and the introduction of new quarantine restrictions is becoming a real threat, warned Mark Bradford, an expert at BCS Global Markets. The pandemic is negatively affecting demand for raw materials, while OPEC+ begins to increase production.
From August 1, in accordance with the previously approved plan, production is to increase by 2 million barrels per day. The total volume of production decline of the largest oil exporters will amount to 7.7 million barrels per day.
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