Oil surges on expectations of higher demand

Global oil prices rose on expectations of a growth in demand on Wednesday morning, Report informs, citing trading data.

The August future for Brent rose by 0.3% to $120.93 per barrel, and the July futures for WTO grew by 0.4% to $119.89.

The positive dynamics are linked to the expected growth in demand for fuel due to the beginning of the summer travel season.

It overweighed the unexpectedly negative data from the American Petroleum Institute (API), according to which the commercial oil inventories in the United States reached 1.845 million barrel in the week ending June 3. Meanwhile, analysts expected a decline of 1.8 million barrels.