Oil prices up on report about sharp decrease in US stocks
Baku, Azerbaijan, Jan.19
By Leman Zeynalova – Trend:
World oil prices are rising on Jan.19 on the data released by the American Petroleum Institute (API) about the sharp decline in the US crude stocks.
The price of March futures for Brent crude oil rose by 0.93 percent and stood at $54.42 per barrel as of 01:37 EST. Meanwhile, the price of February futures for the West Texas Intermediate (WTI) oil has increased by 0.90 percent to $51.54 per barrel.
The US crude stocks have dropped by 5.04 million barrels over the week ending on Jan.13, according to API.
Investors are also waiting for the data from the US Energy Department on the commercial oil reserves in the country (excluding strategic reserves), which will be published later on Jan.19.
At the same time, there are concerns on the market regarding the increase of the shale output by the US producers.
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