Baku, Azerbaijan, July 7
By Leman Zeynalova – Trend:
World oil prices are going down on July 7 after the report released by the US Energy Information Administration (EIA).
The price for August futures of Brent crude oil has decreased by 1.16 percent to $47.55 per barrel as of 05:41 (UTC +4).
This is while the price for August futures of West Texas Intermediate (WTI) has dropped by 1.25 percent and stood at $44.95 per barrel.
US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 6.3 million barrels from the previous week, said the EIA.
At 502.9 million barrels, US crude oil inventories are in the upper half of the average range for this time of year, said the report.
This is while analysts expected a decrease of 0.45 percent, or 2.283 million barrels. Crude stocks in the country’s largest terminal Cushing have dropped by 1.3 million barrels to 59.5 million barrels, which caused a rise in oil prices.
However, the prices began to drop amid the report about a 0.95 percent increase in the US oil production over the week.
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