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- The price of oil rose after data on oil reserves
The price of oil rose after data on oil reserves
As shown by the data of the government report, the demand for oil as a fuel for the first time has fallen over the past four weeks.
Department of Energy said today that the total demand for products fell by 1.1% to 18.9 million barrels a day in the week ended August 3, showing the first decline in this for the week ending July 6.
The report also stated that the level of stocks decreased by 3730000 barrels to the level of 369.9 million barrels for seven days (August 3). According to the average forecast from analysts, it was expected that the reduction will be only 1550000 barrels
Also on the rise in prices have affected published data on changes in the level of labor productivity in the nonfarm U.S. economy, which showed that labor productivity in the second quarter rose more than expected.
At the same time, the increase in oil prices was caused by fears that the tensions in the Middle East could cause a failure in supply.
The cost of the September futures on U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX rose to a high of $ 94.24 per barrel.
September futures price for North Sea Brent crude oil mixture increased to $ 112.86 a barrel on the ICE Futures Europe Exchange.
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