Brent crude closed above $52 for first time in 8 months
Almaty. June 9. Silkroadnews –Trading at the leading oil stock exchanges closed with Brent crude significant price growth on Wednesday, the sites of raw exchange markets of London and New York reported.
The weighted average cost of the near-month crude oil futures contract made ICE Brent Crude Futures $52.51 (+1.07) per barrel at Inter Continental Exchange (ICE) in London.
The weighted average cost of the near-month oil futures contract on Light Sweet Crude Oil on the New York Mercantile Exchange (NYMEX) made $51.23 (+0.87) per barrel.
According to RBC, Brent crude closed above $52 for the first time since October 12, 2015. The analysts explain that with a weaker dollar and publication of data by the American Petroleum Institute on a fall in the U.S. crude inventories. New statistics coming, the experts believe, can contribute to further price growth.
Last week the American Petroleum Institute reported on a 3.57 million barrels decrease in the U.S. crude inventories. At the same time the short-term forecasts by the U.S. Energy Information Administration (EIA) released on Tuesday states the average daily consumption of gasoline in the US is expected to reach a record high 9.5 million barrels in II-III quarters of 2016 (the forecast for May stood at 9.48 million barrels). If the new U.S. Energy Information Administration data records an increase in oil inventory, Brent price may fall to $50.3 per barrel, the survey says.
