The price of oil is increasing amid falling stocks in the United States

© RIA Novosti / Maxim to Bogodeeva in photobacteria oil. archival photoThe price of oil is increasing amid falling stocks in the United States© RIA Novosti / Maxim to Bogodeeva the image Bank

World oil prices on Thursday morning grow after the publication the previous day of statistics on stocks of «black gold» in the U.S., which declined for the second consecutive week, according to the auction.

As of 08.27 GMT the cost of July futures for North sea petroleum mix of mark Brent has grown on 0,11%, to 79.38 per barrel, the June futures for WTI — by 0.28% to 71,69 per barrel.

According to the US Department of energy, commercial oil stocks in the country for the week ended 11 may, decreased by 1.4 million barrels, or 0.3% to 432,4 million barrels. While it was expected a more modest decline of 0.76 million barrels, or 0.18%, to 433,04 million barrels.

«Stocks declined as increased activity of oil refining and net imports of oil remains small on the background of significant growth of volumes of export», — said the Agency MarketWatch analyst at research company ClipperData Matt Smith (Matt Smith).

Traders also continue to monitor the political situation in Venezuela, where on the upcoming weekend presidential election. For the post of the head of state claimed four candidates: the incumbent President of the country Nicolas Maduro, opposition leader Henry Falcon, Reynaldo of Cicada and Javier Bertucci.

Analysts believe that the political uncertainty in Venezuela could lead to a further reduction of oil production in the country. As reported on Wednesday by the International energy Agency (IEA), extraction of «black gold» in Venezuela in April fell to its lowest level since the beginning of 1950-ies and can continue to decline.