Oil prices continue to rise

The cost of July Brent oil futures on the London ICE Futures exchange by 8:04 in Kyiv was $34.91 per barrel, which is $0.26 (0.75%) higher than the closing price of the previous session. As a result of trading on Monday, May 18, July contracts fell by $0.16 (0.5%), to $34.65 per barrel. It is reported by Interfax.

July futures for WTI oil on electronic trading on the New York Mercantile Exchange (NYMEX) rose by $0.16 (0.5%) to $32.12 per barrel. By the end of previous trading, the price of contracts increased to $31.96 per barrel, rising by $0.31 (1%).

The June WTI contract, which expired with the completion of previous trading, on Tuesday, May 19, rose in price by $0.68 (2.1%) – up to $32.5 per barrel.

On Wednesday, traders are awaiting the publication of the US Department of Energy weekly report on commercial stocks of oil, gasoline and distillates.

According to the American Petroleum Institute’s (API) data released on Tuesday, the US oil reserves were down 4.8 million barrels during the week ending May 15. Gasoline reserves decreased by 651 thousand barrels, distillates – increased by 5.1 million barrels. Oil reserves at the Cushing terminal fell by 5 million barrels.

S&P Global Platts analysts expect an increase in oil reserves by 2.4 million barrels, distillates – by 3.2 million barrels. They also predict a decrease in gasoline reserves by 3.5 million barrels.

Tags: oil, USA, energy market, добыча нефти, коронавирус, ОПЕК+, price, agreement, volumes, oil products, oil deliveries, field, gasoline, energy sector, quarantine, Brent, WTI, pandemia, Saudi Arabia, COVID-19, decline in production, oil companies, oil reserves, crisis

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