Oil prices continue to rise amid a reduction in reserves in the United States

Oil prices continue to rise, supported by data on the reduction of fuel reserves in the United States for the third week in a row. Such a long period of inventory decline was last recorded in September last year. 

Commercial oil reserves in the United States decreased by 4.87 million barrels last week. Gasoline reserves increased by 3.33 million barrels, distillates – by 3.45 million barrels. Experts expected an increase in oil reserves by 0.8 million barrels, as well as a reduction in gasoline reserves by 1.7 million barrels, distillates by 0.5 million barrels.

An additional impetus to the price increase was provided by statements from representatives of the Federal Reserve System, which increased expectations of a reduction in the base rate in September. Such a decision by the American Central Bank is expected to boost economic growth and, accordingly, increase demand for energy resources.

September Brent futures rose to $85.80 per barrel. North American WTI crude is trading near $82.25.