Brent oil exceeds $124 per barrel

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Global oil prices continued their ascent on June 9 morning amid a decline in US strategic crude reserves to a minimum since March 1987, Report informs referring to the auction data.

The price of August futures for Brent crude rose by 0.39% to $124.07 per barrel; while July WTI futures rose 0.29% to $122.47.

Investors evaluate the weekly statistics on oil reserves in the United States. According to the US Department of Energy, the strategic oil reserves for the week ended June 3 fell by 7.3 million barrels, or 1.4%, to 519.3 million barrels. The indicator reached a minimum since the March week in 1987, when the country’s strategic oil reserves amounted to 518.9 million barrels.

At the same time, commercial oil reserves in the US (excluding the strategic reserve) rose by 2 million barrels, or 0.5%, to 416.8 million barrels over the week instead of the expected decline.

Oil inventories at the country’s largest terminal in Cushing fell to 23.4 million from 25 million barrels over the week.

US gasoline inventories dropped by 0.8 million barrels (by 0.4%), to 218.2 million barrels. Analysts had expected an increase of 1.1 million barrels.


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