Baku, Azerbaijan, July 4
By Leman Zeynalova – Trend:
World oil prices are going down on July 4 after the rise recorded on July 3. Oil prices rose amid the expectations of investors for the drop of US stocks.
The price for August futures of Brent crude oil has decreased by 0.48 percent to $49.44 per barrel as of 05:23 (UTC +4).
This is while the price for August futures of West Texas Intermediate (WTI) has dropped by 0.45 percent and stood at $46.86 per barrel.
Traders are waiting for the release of US crude stock statistics which will be published on July 6. Analysts forecast US crude stocks to drop by 0.56 percent or 2.833 million barrels to 506.367 million barrels.
This is while the country’s oil production declined by 1.07 percent or by 100,000 barrels per day over the week ending June 23 and stood at 9.250 million barrels per day. Crude stocks in the country’s largest Cushing terminal have dropped by 0.3 million barrels to 60.8 million barrels.
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