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Oil rises amid decline in US inventories

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World oil prices rose on Wednesday morning after the American Petroleum Institute (API) noted a reduction in US reserves, Report informs.

The price of July futures for Brent crude rose by 0.18% to $112.13 per barrel, and July futures for WTI went up by 0.62% to $110.33.

US commercial oil inventories fell by 2.445 million barrels in the week to May 13, according to the API, despite an expected increase of 1.533 million barrels. Markets are waiting for official statistics from the US Energy Department on stocks later on Wednesday.

The growth of oil quotations is also facilitated by expectations of an increase in demand from China after the statements of the country’s authorities about their intention to lift coronavirus restrictions on June 1.

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