Baku, Azerbaijan, May 4
By Leman Zeynalova – Trend:
World oil prices are going down on May 4 amid the lower than expected decline in the volume of US crude stocks.
The price for July futures of Brent crude oil has decreased by 0.83 percent to $ 50.37 per barrel as of 07:39 (GMT +4).
Meanwhile, the price for June futures of West Texas Intermediate (WTI) has dropped by 0.82 percent and stood at $47.43 per barrel.
The report released by the US Energy Information Agency (EIA) showed that the country’s commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 0.9 million barrels from the previous week, while investors expected a 2.3 million barrels of decline.
At 527.8 million barrels, US crude oil inventories are near the upper limit of the average range for this time of year, said the report.
“US crude oil refinery inputs averaged about 17.2 million barrels per day during the week ending April 28, 108,000 barrels per day less than the previous week’s average,” said the EIA.
EIA estimates that the WTI price was $49.31 per barrel on April 28, $0.33 below last week’s price but $3.33 above a year ago.
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