Brent went up to $69.11

Prices for benchmark oil rose moderately during trading on Thursday, demonstrating multidirectional changes following the results of the previous trading, Interfax reports.

The cost of July futures for Brent oil on the London ICE Futures exchange by 8:03 a.m. Kyiv time on Thursday is $69.11 per barrel, which is $0.15 (0.22%) higher than the price at the close of the previous session. As a result of trading on Wednesday, these contracts rose by $0.08 (0.1%) to $68.96 per barrel.

The price of WTI crude oil futures for June in electronic trading on the New York Mercantile Exchange (NYMEX) by this time is $ 65.67 per barrel, which is $ 0.04 (0.06%) higher than the level at the close of the previous session. On Wednesday, the value of these contracts decreased by $0.06 (0.1%) to $65.63 per barrel.

The data of the US Department of Energy released the day before, showed a decrease in oil reserves in the country last week by 7.99 million barrels. This is the largest drop since January.

“Increased refining volumes and significant exports have resulted in a significant reduction in oil reserves,” Matt Smith of ClipperData told MarketWatch.

According to the expert, the activity of oil refining will only increase in anticipation of the summer travel season in the United States.

Investors are still worried about the epidemiological situation in Asia, especially in India, where lockdowns have been introduced in parts of the country. The quarantine restrictions are expected to negatively affect oil demand.

"Oil imports to the country rose in March from the previous month on the back of stronger economic activity, but they may contract again due to recovery of lockdowns," said Avtar Sandu, senior commodity manager at Phillips Futures.

Recall that the summer season in the United States may be under threat due to a shortage of truck drivers.

Tags: oil, USA, OPEC+, petroleum products, gasoline, decline in production, oil reserves

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