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Oil rises amid decline in US inventories

18/05/2022
Стоимость нефти выросла на данных о снижении запасов в США

TAFT, CA - JULY 21: An oil rig south of town extracts crude on July 21, 2008 in Taft, California. Hemmed in by the richest oil fields in California, the oil town of 6,700 with a stagnated economy and little room to expand has hatched an ambitious plan to annex vast expanses of land reaching eastward to Interstate 5, 18 miles away, and take over various poor unincorporated communities to triple its population to around 20,000. With the price as light sweet crude at record high prices, Chevron and other companies are scrambling to drill new wells and reopen old wells once considered unprofitable. The renewed profits for oil men of Kern County, where more than 75 percent of all the oil produced in California flows, do not directly translate increased revenue for Taft. The Taft town council wants to cash in on the new oil boom with increased tax revenues from a NASCAR track and future developments near the freeway. In an earlier oil boom era, Taft was the site of the 1910 Lakeside Gusher, the biggest oil gusher ever seen in the US, which destroyed the derrick and sent 100,000 barrels a day into a lake of crude. (Photo by David McNew/Getty Images)

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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.

Tags: BrentWTI

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