The cost of July Brent oil futures increased by 0.68% and rose to $ 118.2 per barrel, according to trading data on the Ice Futures London Exchange on the morning of May 27.
The cost of a barrel of Brent oil has exceeded $ 118 for the first time since March 9 this year. The price of futures for WTI with delivery in July on the New York Modern Exchange is growing by 0.43%, up to $ 114.58 per barrel.
Oil prices are rising against the background of signs of fuel supply deficiency in the United States on the eve of the summer automobile season. According to the US Ministry of Energy, gasoline reserves in this country have declined to the lowest seasonal level since 2014. Last week, commercial oil reserves in the United States also decreased by 1.02 million barrels – to 419.8 million barrels. “Oil prices have risen to the highest level from March due to the resumption of a decrease in oil reserves in the United States. The automobile season in the United States and high demand for travel should provide prices in the near future. Since the growth of supply is lags behind, the oil market will probably remain scarce. Therefore, we retain a positive forecast for oil prices, ”said UBS analyst at Giovanni Staunovo.