Crude prices up again

By  Trend

Brent oil price is rising on June 8 after dropping below $48 per barrel on June 7.

The price for August futures of Brent crude oil has increased by 0.73 percent to $48.41 per barrel as of 05:17 (GMT +4).

Meanwhile, the price for July futures of West Texas Intermediate (WTI) has grown by 0.61 percent and stood at $46.00 per barrel.

Aside from the Qatar crisis, another factor affecting the oil prices is the report released by the US Energy Information Administration (EIA) about the growing volume of crude oil inventories in the country.

US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.3 million barrels from the previous week, according to the report.

At 513.2 million barrels, US crude oil inventories are in the upper half of the average range for this time of year, said the EIA.

The WTI price was $47.68 per barrel on June 2, $1.90 below last week’s price and $1.01 under a year ago, the report said.