Oil prices rising due to possible drop in supply

Global oil prices on May 13 morning rose on the possible prospects of reducing the supply of this type of raw material on the market, Report informs referring to the auction data.

The price of July futures for Brent crude rose by 0.96% to $107.13 per barrel, and the June futures for WTI rose by 1.18% to $108.72.

On May 13 morning, several disappointing forecasts exert pressure on oil production. So, on May 12, OPEC lowered its forecast for total oil production outside the organization for the year by 0.3 million barrels per day and now expects it at 65.97 million barrels per day.

In addition, according to the forecast of the International Energy Agency (IEA), despite that in April oil supplies from Russia already decreased by 960,000 barrels per day, in May supplies will decrease by another 600,000 barrels per day.