(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 25. World oil prices on
Thursday morning are generally stable after three days of growth
according to the auction data, trend reports.
In turn, markets continue to assess the prospects for supply and
The price of July futures for Brent crude oil remains at the
level of the last close at $78.36 per barrel, July futures for WTI
(West Texas Intermediate) decrease by 0.15 percent, to $74.23. A
day earlier, quotes rose by 2 percent, and over the previous three
trading sessions - by an average of 3.8 percent.
Meanwhile, on Wednesday, oil prices were supported by statistics
from the US.
According to the report of the US Department of Energy,
commercial oil reserves for the week to May 19 showed the highest
rate of decline since November 2022 - by 12.5 million barrels at
once, or by 2.7 percent, to 455.2 million barrels.
At the same time, analysts, on the contrary, expected an
increase in stocks - by 0.8 million barrels.
Traders continue to evaluate the words of Saudi Arabia's Energy
Minister Abdulaziz bin Salman Al Saud at the Qatar Economic Forum.
The minister on the eve of the OPEC+ meeting advised speculators in
the oil market to be careful.
Moreover, representatives of OPEC+ member countries will meet on
June 4 in Vienna.
The attention of traders remains on the situation with the US
debt limit. The current limit of the US national debt is $31.4
trillion, which was reached back in January.
According to the results of the negotiations, so far no decision
has been made to raise the debt limit. The situation increases
economic uncertainty, which affects the prospects for oil
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