Oil prices growing amid awaited weekly US inventory data

Oil prices continue to rise on April 7 afternoon, as traders awaited weekly US inventory data for the latest steer on the demand recovery, Report informs referring to Prime agency.

As of 14:14 (GMT+4), the price of June futures for the North Sea Brent oil blend grew by 0.99 percent to $63.35, and for May futures for WTI oil - by 0.91 percent to $59.86 per barrel.

Earlier, data from the American Petroleum Institute (API) showed that US oil reserves fell 2.62 million barrels. Official data from the US Department of Energy will be released on April 7 evening. Analysts believe that the department will report a decrease of 1.44 million barrels in reserves in the country.

At the same time, analysts note the emerging stability of the Brent oil price range of $60-$65 per barrel.

“Overall it very much looks like oil has found a range, $60-$65, that is likely to stick around for a while,” said Ole Hansen, head of commodities research at Saxo Bank. “The prospect for higher OPEC+ production needs to be met by a corresponding rise in demand."