Oil prices rise in anticipation of statistical data on eurozone, US

Global oil prices rose on May 16 morning in anticipation of the release of economic statistics, Report informs referring to the auction data.

The price of July futures for Brent crude rose by 0.45% to $75.56 per barrel, June futures for WTI grew by 0.44% to $71.42.

On May 16, the oil market expects the publication of a number of economic indicators that may affect prices. Later in the day Eurostat will publish the second estimate of the eurozone GDP in the first quarter. It is expected to remain at the level of the first growth estimate of 1.3%. Later US industrial production data for April will be released, analysts expect the figure to be unchanged from the previous month.

Investors are also evaluating the news that the US Department of Energy will buy up to 3 million barrels of oil to replenish the country’s strategic reserves.

Earlier in May, it was reported that strategic oil reserves in the US fell by 2.9 million barrels to 362 million barrels in the week to May 5. Thus, the indicator is the lowest since the week ending October 7, 1983. This decision may indicate continued high demand for oil.