Oil rises in price in anticipation of data on stocks in the United States

© RIA Novosti / Alexei Danceparty in fotolanciay torch marine petrochemical platform. Archival photoOil rises in price in anticipation of data on stocks in the United States© RIA Novosti / Alexei Danceparty the image Bank

World oil prices rise Tuesday morning on expectations that investors data US Department of energy and American petroleum Institute (API) on the reserves of «black gold» in the United States, according to the auction.

As at 08.36 GMT the cost of the September futures for North sea petroleum mix of mark Brent have grown on 0,28% — to 46.17 USD per barrel. The price of August futures on WTI increased by 0.23% to of 43.48 per barrel.

Investors expect the API data on oil inventories in the United States, which will be published later on Tuesday. Traders are also waiting for statistics from the US Department of energy on stocks of «black gold» in the country. Analysts polled by Reuters believe that the reserves declined by 2,298 million barrels, or 0.5%, to 506,802 million barrels. For the week ended 16 June, commercial oil stocks in the US (excluding the strategic reserve) fell by 2.5 million barrels, or 0.5% to 509,1 million barrels. The experts had expected a decline 2,106 million barrels, or by 0.41% to 509,394 million barrels.

Earlier last week, world oil prices falling amid fears of investors about the global oversupply of the commodity in the market. Now oil prices began a recovery after a decline during the last five weeks, the Agency said.

«(Oil prices — ed.) has fallen dramatically since the news was bad for the market», — quotes Agency review chief market analyst at CMC Markets RIC Spooner (Ric Spooner). The analyst now expects «good chances of the good news».