Oil prices continue to rise on global markets: key factors
3 June 11:17
Oil prices have been rising for the third day in a row amid growing doubts among experts about the possibility of Washington and Tehran quickly reaching an agreement that would put an end to the military conflict in the Middle East and restore shipping through the Strait of Hormuz. This is reported by "Komersant Ukrainian" citing Interfax-Ukraine.
The price of August Brent futures on the London ICE Futures exchange, as of 8:20 a.m. local time, stands at $97.05 per barrel, which is $1.05 (1.09%) higher than at the close of the previous trading session. On Tuesday, these contracts rose by $1.02 (1.07%) to $96 per barrel.
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July WTI crude oil futures on the New York Mercantile Exchange (NYMEX) have risen by $1.05 (1.12%) to $94.81 per barrel so far today. At the close of the previous session, their price had increased by $1.6 (1.74%) to $93.76 per barrel.
“The differences between the U.S. and Iran indicate that we are still quite far from reaching any agreement that would lead to the normalization of oil supplies,” notes Warren Patterson, an analyst at ING Groep NV in Singapore. “The risk of further price increases remains, especially as the third quarter approaches—a period traditionally characterized by higher demand for energy resources.”
On Wednesday, the market is awaiting the release of the U.S. Department of Energy’s weekly report on oil and petroleum product inventories in the country. Estimates from the American Petroleum Institute (API), released early Wednesday morning, showed a decline in U.S. oil inventories last week of 6.75 million barrels.
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