Baku, Azerbaijan, May 10
By Leman Zeynalova – Trend:
World oil prices are rising on May 10 amid the possible supply cut by Saudi Arabian Oil Co. (Saudi Aramco) to Asia in June, as well as the report published by American Petroleum Institute (API) on the US crude stocks.
The price for July futures of Brent crude oil has increased by 0.47 percent to $48.96 per barrel as of 06:42 (GMT +4).
Meanwhile, the price for June futures of West Texas Intermediate (WTI) has grown by 0.61 percent and stood at $46.16 per barrel.
Earlier, Reuters reported citing a source that Saudi Aramco will reduce the oil supply to Asia by around 7 million barrels in June.
Another factor positively affecting the oil prices is the API report which showed that the US crude stocks have decreased by 5.789 million barrels over the week ending May 5. This is while analysts expected this figure to drop only by 1.8 million barrels.
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