Oil prices rise after statistics publication in US

Global oil prices rose on June 28 morning by more than 0.5%, Report informs referring to the auction data.

The price of September futures for Brent crude rose by 0.52% to $72.89 per barrel, August futures for WTI grew in price by 0.5% to $68.03.

The markets are evaluating the US statistics, published the day before. Thus, the US consumer confidence index in June unexpectedly increased to 109.7 points from 102.5 points a month earlier, reaching a maximum since January 2022.

Analysts expected growth to only 104 points. At the same time, sales of new homes in the country in May increased by 12.2% compared to April, to 763,000, although experts predicted a decline. The oil market, according to analysts, is now especially closely following economic performance.

Traders are also waiting for official data on US oil inventories. According to the American Petroleum Institute (API), commercial oil reserves in the country for the week to June 23 decreased by 2.4 million barrels. Official statistics from the US Department of Energy will be released on June 28 evening. Analysts suggest that it will show a decrease in inventories by 1.75 million barrels.