Oil prices continued to rise on Friday on data on a significant decrease in US oil and gasoline inventories last week, but the rise in quotations is limited by concerns about the increase in the incidence of COVID-19 and uncertainty around OPEC + production, Interfax reports.
The cost of September futures for Brent on the London ICE Futures exchange by 8:20 Kyiv time on Friday amounted to $74.33 per barrel, which is $0.21 (0.28%) higher than the price at the close of the previous session. As a result of trading on Thursday, these contracts rose by $ 0.69 (0.9%) - to $ 74.12 per barrel.
The price of WTI futures for August at the electronic trading of the New York Mercantile Exchange (NYMEX) by this time amounted to $73.19 per barrel, which is $0.25 (0.34%) higher than the final value of the previous session. The day before, the value of these contracts increased to $72.94 per barrel, having risen by $0.74 (1%).
Nevertheless, both brands may end the current week in the red.
Oil stocks in the United States for the week ended July 2 decreased by 6.9 million barrels, to 445.5 million barrels, the lowest since February 2020.
Analysts say the sell-off in global equity markets and the continuing drop in US government bond yields, reflecting growth concerns, continue to limit the rise in oil prices amid concerns over the spread of the COVID-19 Delta strain.
In addition, there remains uncertainty about the prospects for oil production due to disagreements in OPEC +.
Coalition ministers' talks, which began last week, are deadlocked. Most states support an increase in production of 400 thousand barrels per day (b / d) from next month and an extension of the deal until the end of 2022. The exception is the UAE, which is ready to support the increase in production, but not the extension of the deal, insisting on increasing its reference base for the decline in production after April 2022.