Oil rises amid strong decline in its stocks in US

Global oil prices rose on August 2 morning after the release of data from the American Petroleum Institute (API) on a significant drop in weekly commercial stocks in the US, reported from the auction data.

The price of October futures for Brent crude rose by 0.84% to $85.62 per barrel, September futures for WTI grew in price by 0.88% to $82.09.

Investors pay attention to API data. In the week to July 28, US commercial oil inventories fell by 15.4 million barrels.

Such a decrease could be the strongest in the history of observations of the US Department of Energy, which has been conducted since 1982. Official statistics will be published later on August 2. Analysts forecast a decline of only 1.4 million barrels after falling 0.6 million a week earlier.





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