On Friday morning, the oil prices increased, meanwhile retaining at the lowest level for the current year amid investors’ concerns about global oil market oversupply, as evidenced by the auctions’ data, RIA News reports.
As of 07.59 Moscow time, the price of August Brent futures increased by 0.42%, up to 45.41 dollar per barrel. The price of August WTI futures increased by 0.42% - up to 42.92 per barrel.
The oil price dropped by 20% from the start of the year, despite OPEC countries’ efforts on cutting oil output. During the current week, the oil prices dropped twice, when Brent and WTI oil prices decreased by more than 3%, which caused concerns among traders in terms of the raw material oversupply.
The investors also responded to the data on increasing the production of raw material in the U.S. for the last week. According to the Ministry of Energy, the oil production increased by 0.21% or by 20 thousand barrels per day, up to 9.350 million barrels per day, in the country during the week, starting on June 16. The distillate reserves increased from last week’s 1.1 million barrels, or by 0.7%, up to 152.5 million barrels. The experts forecast the increase by 0.465 million barrels.
The market players expect the data from U.S. oil & gas service company Baker Hughes on the number of drilling installations in the country. During the week, ending on 16 June, the number of drilling installation in the U.S. increased by 6 units, or by 0.65%, up to 933 units.
