Oil prices rise as supply concerns outweigh rising US fuel stocks

Oil prices rose on Thursday, after falling at the start of Asian trade, as fears of limited supplies outweighed the impact of rising US fuel and distillate stocks.

THE future on Brent crude oil for September they increased by 63 cents, or 0.6%, to 113.08 dollars a barrel. The August contract, in expiry Thursday, it was trading at 116.08 dollars a barrel, in drop of 18 cents, or 0.2%.

THE future West Texas Intermediate crude oil rose 49 cents, or 0.5%, to $ 110.27 a barrel.

Data from the US Energy Information Administration revealed that crude oil inventories fell by 2.8 million barrels in the week ending June 24, far exceeding analysts’ expectations. in a Reuters poll for a drop of 569,000 barrels as fuel and distillate stocks rose.

But fears of a slowdown in economic growth continued to limit price increases.

At the same time, the OPEC Plus bloc, which includes the Organization of Petroleum Exporting Countries (OPEC) and independent producers, including Russia, began two-day meetings on Wednesday, although sources said there were little expectations. to pump more oil.

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