World oil prices rising amid decline in US output
Baku, Azerbaijan, June 29
By Leman Zeynalova – Trend:
World oil prices are rising on June 29 after the report about the decrease in the US crude production.
The price for August futures of Brent crude oil has increased by 0.42 percent to $47.51 per barrel as of 06:45 (UTC +4).
This is while the price for August futures of West Texas Intermediate (WTI) has grown by 0.45 percent and stood at $44.94 per barrel.
The US crude stocks grew by 118,000 barrels last week, while the country’s weekly output dropped by 100,000 barrels per day and stood at 9.3 million barrels per day, according to the Energy Information Administration (EIA). This was the biggest decline in the US weekly production since July 2016.
The WTI price was $42.86 per barrel on June 23, 2017, $1.87 below last week’s price and $3.84 under a year ago, EIA said in its This Week in Petroleum report.
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