Global oil prices are rising amid fears about a decrease in the supply of this type of crude on the market after the publication of data on stocks by the US Department of Energy last week, Report informs referring to the auction data.
The price of August futures for Brent crude rose by 0.18% to $111.32 per barrel, July futures for WTI - by 0.41% to $110.78.
According to the US Department of Energy, commercial oil inventories in the country for the week to May 20 fell by 1 million barrels, or 0.2%, to 419.8 million barrels, although experts had expected a decline of only 0.7 million barrels.
Constriction in the US fuel market will spark supply worries as the driving season approaches. Gasoline shortages in the US mean gasoline shortages in other countries, including Europe, which also look increasingly tight, the Wall Street Journal reports.