Oil prices rise amid decreasing US crude stocks
By Trend
World oil prices are rising on May 11 amid the report released by the US Energy Information Administration (EIA) about the decreasing volume of crude stocks in the country.
The price for July futures of Brent crude oil has increased by 0.46 percent to $50.45 per barrel as of 06:08 (GMT +4).
Meanwhile, the price for June futures of West Texas Intermediate (WTI) has grown by 0.46 percent and stood at $47.55 per barrel.
US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 5.2 million barrels from the previous week, according to the EIA report.
“At 522.5 million barrels, US crude oil inventories are in the upper half of the average range for this time of year,” said the report. “Total motor gasoline inventories decreased by 0.2 million barrels last week, but are above the upper limit of the average range.”
The WTI price was $46.23 per barrel on May 5, 2017, $3.08 below last week’s price but $1.65 above a year ago, according to the EIA estimates.
---
Follow us on Twitter @AzerNewsAz