Oil prices surge following unexpected drop in US stocks

  24 May 2023    Read: 577
Oil prices surge following unexpected drop in US stocks

World oil prices are showing an increase of 1 percent or more after the release of data from the American Petroleum Institute (API) on an unexpected drop in weekly stocks of this raw material in the US, AzVision.az reports.

According to trading data, the price of July futures for Brent Crude Oil is rising by 1.03 percent to $77.6 per barrel, and July futures for WTI — by 1.18 percent to $73.7.

API publishes an assessment of the dynamics of commercial oil reserves in the US. The indicator fell by 6.8 million barrels in the week to May 19, although an increase of 0.5 million was forecasted.

The official statistics will be published by the US Department of Energy in the evening. Analysts now predict an official decrease in inventories, although so far only by 0.9 million barrels.

Investors are also paying attention to the statements of Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman a day earlier at the Qatar Economic Forum, who on the eve of the OPEC+ meeting advised speculators in the oil market to be careful.

Representatives of OPEC+ member countries will meet on June 4 in Vienna to decide on their further actions.

More about: #oil   #OPEC  

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