Baku, Azerbaijan, Feb.1
By Leman Zeynalova – Trend:
World oil prices are rising on Feb.1 despite the report released by the American Petroleum Institute (API) about the growth of US crude stocks.
The price of April futures for Brent crude oil rose by 0.23 percent to $55.71 per barrel as of 04:42 EST. Meanwhile, the price of March futures for West Texas Intermediate (WTI) oil has increased by 0.27 percent and stood at $52.95 per barrel.
According to API data, crude stocks in the US have increased by 5.8 million barrels. This is while gasoline stocks in the country grew by 2.9 million barrels.
Oil prices are supported by the reduction of oil output by OPEC and non-OPEC countries. According to a Reuters survey, oil production by OPEC countries has decreased by 1 million barrels per day in January to $32.27 million barrels per day.
Follow the author on Twitter: @Lyaman_Zeyn