Oil futures continue the trend and are trading at a significant high this morning, aided by the latest American Petroleum Institute (API) survey of US stocks.
Brent's barrel for June was up 1.24% on the IntercontinentalExchange (ICE) at $ 72.47, while the WTI for the same month advanced 1.43% on the New York Mercantile Exchange (Nymex), at $ 67 , 46.
The API estimated that the volume of crude oil stored in the US fell by 1 million barrels last week. The API also pointed to reductions in gasoline inventories of 2.5 million barrels and distillates of almost 900 thousand barrels.
Soon, at 11:30 am (De Brasilia), the Department of Energy (DoE) publishes the official survey on American stocks, which includes production numbers. Analysts predict that DoE will show a decrease of 200,000 barrels in crude stocks last week. Expectations are also slipping in the volumes of gasoline and distillates.
In recent sessions, oil prices have also been driven by geopolitical risks to supply in the Middle East. At the end of last week, the commodity reached the highest levels in more than three years, before the US led a military operation against the Syrian regime with the help of the United Kingdom and France.
"Geopolitical factors are still at stake," commented Stephen Brennock, an analyst at PVM Oil Associates. "The Middle East remains a barrel of gunpowder and, along with the prospect of the US restoring sanctions against Iran, we may have a supply shock soon."
Later on Friday, ministers of the Organization of Petroleum Exporting Countries (OPEC) and ten other non-oil producers, including Russia, will hold a monitoring meeting of the agreement reducing their combined supply in about 1.8 million barrels per day. The pact began in January last year and will last until at least the end of this year. At the sixth meeting in the Saudi city of Jeddah, the ministers will evaluate whether production cuts will continue in 2019. Source: Dow Jones Newswires.
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