Baku, Azerbaijan, August 10
By Leman Zeynalova – Trend:
World oil prices are rising on August 10 amid the report about declining crude stocks in the US.
The price for October futures of Brent oil has increased by 0.11 percent to $52.76 per barrel as of 06:02 (UTC + 4).
The price for September futures of West Texas Intermediate (WTI) grew by 0.12 percent and stood at $49.62 per barrel.
US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 6.5 million barrels from the previous week. At 475.4 million barrels, US crude oil inventories are in the upper half of the average range for this time of year, the US Energy Information Administration (EIA) said in its Weekly Petroleum Status Report.
This is while analysts expected this figure to drop by 0.56 percent or by 2.72 million barrels to 479.18 million barrels.
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