Baku, Azerbaijan, May 18
By Leman Zeynalova – Trend:
World oil prices are going down on May 18 amid the report released by the US Energy Information Administration (EIA) about the volume of crude stocks in the country.
The price for July futures of Brent crude oil has decreased by 0.11 percent to $52.15 per barrel as of 06:11 (GMT +4).
Meanwhile, the price for June futures of West Texas Intermediate (WTI) has dropped by 0.12 percent and stood at $49.01 per barrel.
US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.8 million barrels from the previous week, according to the EIA report.
This decrease was lower than the analysts expected.
“At 520.8 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 0.4 million barrels last week, but are above the upper limit of the average range.”
The WTI price was $47.83 per barrel on May 12, $1.60 over last week’s price and $1.61 above a year ago, according to the EIA estimates.
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