Oil prices continued to rise in trading today, Friday, and this came after US data showed a sudden increase in crude oil inventories.
By 09:12 Moscow time, US West Texas Intermediate crude futures rose 0.96% to $70.77 a barrel.
While Brent crude futures rose 1.01% to $75.03 a barrel, according to Bloomberg agency data.
Yesterday, oil prices closed significantly higher, as Brent contracts rose by 2.3%, while US crude contracts rose by about 3%.
Yesterday, Thursday, the US Energy Information Administration said that crude oil inventories rose unexpectedly last week, as distillate stocks increased, while gasoline stocks fell.
Prices also received support from Chinese data that boosted hopes for a recovery in demand for black gold, and a survey of factory activity in China during the month of May showed growth that exceeded expectations.
The markets are also awaiting the “OPEC +” meeting, to be held on the fourth of June 2023, to decide on the production policy of the member states of the group, amid expectations that the group will keep the cuts and production unchanged.
This article was originally published by RT.
