Oil rises on data on reserves and production in the United States

© AP Photo / Hasan JamaliДобыча oil. Archival photoOil rises on data on reserves and production in the United States© AP Photo / Hasan Jamali

Oil is rising on Friday morning, while continuing to bargain almost at the level of six-month lows, as investors continue to play the data on reserves and extraction of «black gold» in the United States, as well as in the OPEC countries, according to the auction.

As at 07.52 GMT the cost of the August futures for North sea petroleum mix of mark Brent has increased by 0.13% to 46.98 USD per barrel. The price of July futures on WTI have grown on 0,07% — to 44,49 USD per barrel.

According to unnamed analysts, ANZ Bank, whose opinion leads the Agency Reuters, now the world oil prices influenced the increase in the production of «black gold» in the United States and the growth of oil production by OPEC. So, US Department of energy announced Wednesday that oil production in the country for the week ended June 9, up 0.13%, or 12 thousand barrels per day, up to 9,330 million barrels per day, while gasoline stocks rose 2.1 million barrels, or by 0.87% to 242,4 million barrels.

Analysts expect decrease in this indicator on 0,457 million barrels. The commercial oil reserves in the U.S. last week fell 1.7 million barrels, or 0.3% to 511,5 million barrels. Analysts believed that stocks have declined to a greater extent on 2,739 million barrels, or by 0.53% to 510,461 million barrels.

In addition, traders continue to react to the information of the June report of the International energy Agency (IEA). The Agency said that OPEC may increase oil production by 290 thousand barrels per day compared to April to the highest rate in 2017 to 32.08 million barrels per day.

OPEC and a number of not members of the organization countries agreed in late 2016 in Vienna on the reduction of its oil production to total 1.8 million barrels per day from October levels, of which 300 thousand are in Russia. The agreement was concluded for the first half of 2017 with possibility of extension. In may, its validity was extended for nine months until the end of March 2018.

Read more about oil prices, visit the website RIA Novosti >>

Oil rises on data on reserves and production in the United StatesGo to photobacteria oil revenues and other revenues