Baku, Azerbaijan, March 10
By Leman Zeynalova – Trend:
World oil prices are rising on March 10 after falling on March 9 to the lowest level since the signing of OPEC agreement to cut the oil output.
The price of May futures for Brent crude oil has increased by 0.71 percent to $52.56 per barrel as of 01:20 EST. Meanwhile, the price of April futures for West Texas Intermediate (WTI) oil has grown by 0.79 percent and stood at $49.67 per barrel.
On March 9, Brent oil price fell to the lowest level since December 1, 2016, while WTI price dropped to the minimum level since November 30, 2016 due to the report about growing volume of commercial crude stocks in the US (excluding the strategic reserve).
The Energy Information Administration (EIA) said that the US crude stocks have increased by 8.2 million barrels, or by 1.6 percent to 528.4 million barrels over the week ending March 3. This is while analysts expected this figure to increase only by 1.967 million barrels to 522.167 million barrels.
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