Oil prices rise ahead of expected decrease in US reserves

World oil prices rose on early Wednesday after the American Petroleum Institute (API) published the data on a decrease in oil reserves in the US, Report informs citing Prime agency.

The price of Brent crude is nearing $73 per barrel, according to trading data.

As of 8:32 (UTC +4), the price of August futures for the North Sea Brent oil mixture grew by 0.57% to $72.62 per barrel, and July futures for WTI went up by 0.63% to $70.47 a barrel.

Earlier, API reported that in the week ended on June 4, commercial oil reserves in the United States fell by 2.1 million barrels. Although, analysts had expected a decline of 3.6 million barrels.

Investors are also awaiting official statistics on commercial oil reserves, which will be released on late Wednesday by the US Department of Energy. Analysts believe that stocks fell by 2 million barrels.

The positive dynamics in the oil market are supported by an increase in demand and the prospects for economic recovery. With the gradual lifting of restrictions on movement, the need for fuel is increasing. According to ANZ analysts, oil prices accelerated growth amid better demand outlooks, boosted by progress in coronavirus vaccinations and easing travel restrictions.