Oil rising in price on API data on strong decline in stocks

Global oil prices rose on June 3 morning after the American Petroleum Institute (API) published data on a strong decrease in weekly stocks in the US, according to trading data, Report informs referring to Prime agency.

As of 09:03 (GMT+4), the price of August futures for the North Sea Brent oil blend grew by 0.55 percent - to $71.74 per barrel, and the price for July futures on WTI oil grew by 0.6 percent, to $69.24 per barrel.

API previously reported that US commercial oil reserves fell 5.4 million barrels in the week ended May 28. Such a decline could be the strongest since the end of April, when stocks fell by 8 million barrels.

Official statistics on commercial oil reserves will be released on June 3 evening by the US Department of Energy. Analysts believed that stocks fell by only 2.4 million.

Traders also continue to assess the outcome of the OPEC+ meeting. The alliance has maintained the same parameters for limiting oil production, that is, it will slightly increase output in July. Further plans will become known at the next meeting on July 1.