Oil continues to rise in anticipation of the US inventory reduction
On Thursday, oil prices point rise on speculation that the weekly data, scheduled for release later today may show the decline in stocks of US crude oil last week more rapidly than expected.
As of 07:53 GMT WTI crude for delivery rose 33 cents, or 0.7% in August, to $ 47.76 a barrel, after rising 83 cents, or 1.78%, in the afternoon ?? earlier.
On the ICE exchange in London, Brent crude for delivery in September ?? increased by 30 cents, or 0.61%, to $ 49.10. On Wednesday, oil futures traded in London rose 84 cents, or 1.75%.
US Energy Information Administration plans to release its weekly report on crude oil inventories today at 10:30 am ET. The data may show the decline in US crude inventories last week by 2.3 million barrels, while gasoline stocks are forecast to fall by 353 thousand. ?? barrels, while distillate stocks, including heating oil and diesel fuel, are expected It increased by 31 thousand. barrels.
The reports come a day later than usual because of the celebration of Independence Day in the US on Monday.
After the close of trading on Wednesday, American Petroleum Institute, an industry group, said that the weekly US inventories of crude oil fell by 6.7 million barrels for the week ended July 1.
Signs of a potential recovery of production levels inhibit the growth of quotations. On Friday, oil services provider Baker Hughes said that the number of drilling rigs in the United States rose by 11 to 341, noting a fourth weekly gain in the past five weeks, last week.
Growing drilling activity in the US has increased speculation that production may increase in the coming weeks, renewing concerns about excess inventories.
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