Oil grows in cost, and Brent is at $74.60 a barrel


June 16, Fineko/abc.az. Oil prices are rising in Wednesday’s trading amid the data from the American Petroleum Institute (API) about a significant decline in U.S.’ inventories last week.

According to the API, oil reserves in the U.S. over the past week fell by 8.5 million barrels. Bloomberg notes that if the data is officially confirmed, it will be the maximum reduction since January.

By 9:15 am, in the trading at the London ICE Futures Exchange the August’s Brent crude futures increased by $0.61 (0.82%) up to $74.60 per barrel. At the end of trading on 15 June, the price of Brent futures for August grew by $1.13 (1.55%) up to $73.99 per barrel.

By 9:15 am, at the New York Mercantile Exchange (NYMEX) the price of the July’s WTI oil futures rose by $0.54 (0.75%) up to $72.66 per barrel. At the end of the trading on 15 June the price of WTI futures for July grew by $1.24 (1.75%) up to $72.12 per barrel.