In one week, the price of oil increased by almost $10. Prices are rising due to falling US stocks.
The value of world oil prices exceeded $100 per barrel after falling last week, according to trade data on Wednesday, August 24.
Thus, the October futures price for Brent on London’s ICE Futures exchange rose by 1.05% ($1.05) to $101.27 per barrel.
The futures price for WTI for October in electronic trading on the New York Mercantile Exchange (NYMEX) reached $94.66 per barrel, which is $0.92 (0.98%) higher than the close of the previous trade.
The price of oil rises in anticipation of the publication of US data on stocks of petroleum products.
According to the American Petroleum Institute, oil inventories fell by 5.6 million barrels in a week.
Also, the price of oil is affected by problems in the work of the Caspian Pipeline Consortium, which is the main export route for Kazakh oil.
It will be remembered that a week ago, the price of oil dropped below $92 per barrel.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.