Oil quotes on Tuesday evening grew sharply on the back of statistics. On Wednesday morning the growth continued. Brent crude at 10:30 EET was selling at $65.52, whilst WTI with July delivery was trading at $61.00 per barrel. At Tuesday’s close, North Sea oil on July contracts was trading at $65.05 a barrel and the price of light crude was $60.49 per barrel.
Yesterday evening the American institute of oil published data on oil reserves in the US for last week. The statistics show that the reserves lessened by 6.7 million barrels. Today the US Energy Information Agency is publishing their account of the situation. If they confirm the reduction, quotes on the market will continue their rise.
On positive news, Brent could hit $66.50-67.00 a barrel, whilst WTI could be sat somewhere up to $61.70-62.00 per barrel.