Oil prices continue to rise
Baku, Azerbaijan, June 30
By Leman Zeynalova – Trend:
World oil prices continue to rise on June 30, as investors remain optimistic amid the decline in US crude production.
The price for August futures of Brent crude oil has increased by 0.53 percent to $47.67 per barrel as of 05:28 (UTC +4).
This is while the price for August futures of West Texas Intermediate (WTI) has grown by 0.53 percent and stood at $45.17 per barrel.
Oil prices began to rise after the US Energy Information Administration (EIA) released a report about 1.07 percent decrease in the country’s crude output over the week ending June 23. During that period, the volume of crude production in the US has dropped by 100,000 barrels per day to 9.250 million barrels per day.
Another factor supporting the oil prices is the decrease in crude stocks in Cushing terminal, the largest one in the US. Crude stocks in the terminal have dropped by 0.3 million barrels and stood at 60.8 million barrels.
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