US Department of Energy reports on increase in oil inventories

Commercial oil reserves in the US for the week increased by 8.49 million barrels and as of May 6 amounted to 424.21 million barrels, according to the US Department of Energy, Report informs referring to TASS.

At the same time, the Department clarified that the current volume of reserves is approximately 13% lower than the average for the past five years, typical for this time of year.

July futures for Brent crude on the London ICE exchange rose by 5.1% to $107.64 per barrel, the cost of WTI oil increased by 5.63% to $105.38 per barrel.