Oil price rises 1% after API data

World oil prices on Wednesday morning showed an increase of 1% and more after the release of data from the American Petroleum Institute (API) on an unexpected drop in weekly oil stocks in the United States, Report informs.

The price of July futures for Brent crude rose by 1.03% to $77.63 per barrel, and July futures for WTI soared by 1.18% to $73.77.

A few hours earlier, API published its estimate of the dynamics of commercial oil inventories in the United States: in the week to May 19, the figure fell by 6.8 million barrels, although an increase of 0.5 million was predicted.

Official statistics will be published by the Energy Department of the country in the evening. Analysts are now forecasting an official drawdown, albeit only 0.9 million barrels so far.

Investors are also paying attention to the statements of the Energy Minister of Saudi Arabia, Prince Abdulaziz bin Salman a day earlier at the Qatar Economic Forum, who advised speculators in the oil market to be "cautious" ahead of the OPEC + meeting.

Representatives of OPEC+ countries will meet on June 4 in Vienna to decide on their next steps.