Oil prices are rising weakly on Wednesday morning ahead of the publication of the US Department of Energy report on energy stocks in the country.
Traders’ attention is also directed to the data on the dynamics of consumer prices in the States for June, which is expected to influence the decisions of the Federal Reserve at the nearest meetings.
Inflation data will be published at 15:30 Q2, the report of the Ministry of Energy on energy stocks – at 17:30 Q2.
The cost of September Brent crude futures on the London-based ICE Futures exchange at 8:15 Q2 on Wednesday is $79.49 per barrel, up $0.09 (0.11%) from the previous session’s closing price. On Tuesday, these contracts rose $1.71 (2.2%) to $79.4 per barrel.
The price of WTI oil futures for August at the electronic trading of the New York Mercantile Exchange (NYMEX) increased by $0.1 (0.13%) to $74.93 per barrel. The day before, the cost of contracts rose by $1.84 (2.52%), to $74.83 per barrel.
Data from the American Petroleum Institute (API), released on Tuesday night to Wednesday, showed an unexpected increase in U.S. inventories in the week ended July 7. The indicator increased by 3.026 million barrels, while experts surveyed by Trading Economics, on average, expected its decline by 200 thousand barrels.
A week earlier, oil reserves fell by 4.382 million barrels.
