Oil prices rose today in Asian trading, after Brent crude recorded its first monthly increase this year, in light of the significant decline in US crude oil inventories and the easing of fears that fuel demand will be affected by any new increase in interest rates.
Brent crude futures for September delivery rose 16 cents, or 0.2 %, to reach $74.67 a barrel, while US West Texas Intermediate crude rose eight cents, or 0.1 %, to $69.95 a barrel.
The two benchmarks, after closing slightly higher yesterday, Thursday, are heading to rise by more than 2.5 % in June, and this will be the first monthly increase for Brent crude in 2023, but it will be the second for West Texas Intermediate crude after it rose last April.
In terms of oil price indices on a quarterly basis, Brent looks to be heading for a loss of around 6% while WTI is heading for a loss of around 7%.”
Markets fear supply scarcity after the US Energy Information Administration announced that crude stocks fell by 9.6 million barrels in the week ending June 23.
Meanwhile, US gross domestic product growth in the first quarter of the year was revised to an annual rate of 2 %, compared to 1.3 % announced earlier.
Source: National Iraqi News Agency