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World oil prices recover slightly

Oil&Gas Materials 6 July 2017 11:07
World oil prices are recovering on July 6 after dropping due to the increase in OPEC crude export volumes.
World oil prices recover slightly

Baku, Azerbaijan, July 6

By Leman Zeynalova – Trend:

World oil prices are recovering on July 6 after dropping due to the increase in OPEC crude export volumes.

The price for August futures of Brent crude oil has increased by 1.07 percent to $48.30 per barrel as of 06:36 (UTC +4).

This is while the price for August futures of West Texas Intermediate (WTI) has grown by 1.11 percent and stood at $45.63 per barrel.

Oil prices are recovering after a sharp drop on July 5 amid the growth of OPEC crude export. Reuters reported citing Thomson Reuters Oil Research that the oil export by OPEC countries has increased in June the second consecutive month.

OPEC countries exported 25.92 million barrels of oil per day in June or 450,000 barrels per day more as compared to May and by 1.9 million barrels per day more than a year ago.

At the same time, investors are awaiting for the US crude stock data that will be published later on July 5. Analysts forecast the country’s crude stocks to drop by 0.45 percent or 2.283 million barrels.

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Follow the author on Twitter: @Lyaman_Zeyn

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