Oil prices rise

Oil prices are stable on December 7 after falling the previous day to their lowest levels since July, Report informs referring to Interfax.

The cost of February futures for Brent oil on the London ICE Futures exchange amounted to $74.69 per barrel.

This is $0.39 (0.52%) higher than the previous session’s close.

WTI oil futures for January in electronic trading on the New York Mercantile Exchange (NYMEX) increased by $0.38 (0.55%) to $69.76 per barrel.

Both Brent and WTI prices fell for the fifth straight session, hitting their lowest levels since late June.

Pressure on the market was exerted by weekly data from the US Department of Energy, which showed a sharp increase in gasoline reserves in the country, by 5.42 million barrels. Distillate reserves increased by 1.27 million barrels.

Commercial oil inventories, meanwhile, fell by 4.63 million barrels last week, the department said. At the same time, inventories at the Cushing terminal, where Nymex-traded crude is stored, increased by 1.9 million barrels.