Baku, Azerbaijan, Feb.10
By Leman Zeynalova – Trend:
World oil prices are rising slightly Feb.10 amid the reduction of crude output by OPEC and non-OPEC countries.
The price of April futures for Brent crude oil grew by 0.18 percent to $55.73 per barrel as of 03:29 EST. Meanwhile, the price of March futures for West Texas Intermediate (WTI) oil has increased by 0.11 percent and stood at $53.06 per barrel.
The rise of US dollar’s exchange rate is also dragging the oil prices down.
Another factor negatively affecting the prices is the growth of the US commercial crude stocks (excluding strategic reserve).
The data earlier released by the US Energy Department showed that the volume of the country’s crude stockpiles has increased by 13.8 percent to 508.6 million barrels over the week ending Feb.3. This is while analysts expected this figure to rise only by 2.5 million barrels.
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