Prices for global benchmark Brent and WTI oils continued to rise on Thursday, following a significant increase the day before. The current Brent quote is $84.60 per barrel, WTI is $80.50 per barrel. The oil market was supported by data from the US Department of Energy, which reflected a reduction in oil reserves in the United States for the first time in seven weeks. This, in turn, indicates a growing demand for fuel. Commercial oil reserves in the country decreased by 1.54 million barrels last week, contrary to analysts' expectations of an increase of 1 million barrels. At the same time, gasoline stocks decreased by 5.66 million barrels, and distillates increased by 888 thousand barrels. Analysts had forecast a reduction of 2.2 million barrels and 1.05 million barrels, respectively. An additional boost to prices is provided by geopolitical tensions in the Middle East, the actions of Ukrainian drones against Russian refineries and the continuation of the OPEC+ alliance's production restriction policy. Analysts believe that OPEC+ actions will be a key factor in supporting oil prices in the next quarter. It is also expected that the situation will remain favorable amid the recovery of the US economy and increased demand from Chinese refineries. The summer period of driving activity, which is coming soon, may also contribute to a further increase in oil prices.
