Baku, Azerbaijan, March 1
By Leman Zeynalova – Trend:
World oil prices are going down on March 1 ahead of the data on US crude stockpiles to be released by the Energy Information Administration (EIA) later today.
The price of May futures for Brent crude oil has dropped by 0.12 percent to $56.44 per barrel as of 03:09 EST. Meanwhile, the price of April futures for West Texas Intermediate (WTI) oil has decreased by 0.26 percent and stood at $53.87 per barrel.
US crude stockpiles have grown for seven straight weeks. US stockpiles grew by 2.5 million barrels over the week ending Feb. 24, according to the American Petroleum Institute (API).
There was an unexpected rise in the country’s gasoline stockpiles, said API.
On the other hand, the optimism on OPEC and non-OPEC output cuts are supporting the oil prices.
---
Follow the author on Twitter: @Lyaman_Zeyn