Baku, Azerbaijan, Jan.26
By Leman Zeynalova – Trend:
World oil prices are increasing on Jan.26 despite the data of the US Energy Department about the growth in the country’s crude stocks.
The price of March futures for Brent crude oil rose by 0.31percent to $55.25 per barrel as of 05:27 EST. Meanwhile, the price of March futures for West Texas Intermediate (WTI) oil has increased by 0.15 percent and stood at $52.83.
The US commercial oil stocks (excluding the strategic reserves) have increased by 2.8 million barrels, or by 0.6 percent to 488.3 million barrels over the week ending Jan.20.
This is while analysts assumed the country’s crude stocks to grow by 0.58 percent. The oil output in the US has increased by 0.19 percent or by 17,000 barrels per day to 8.961 barrels per day over the week.
The oil prices are supported by the depreciation of the US dollar against the world currencies.
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