World oil prices continue to rise due to global demand

World oil prices on Wednesday morning slightly continued Tuesday’s rise due to global demand, Report informs.

The price of August futures for Brent crude rose by 0.17%, to $74.42 per barrel, and July futures for WTI grew by a symbolic 0.03%, to $69.44.

A day earlier, the oil price increased significantly; Brent rose by 3.3%, and WTI rose by 3.43%.

Such positive dynamics were facilitated by reports from Bloomberg that the authorities of China, one of the largest importers and consumers of oil, intend to "support" the country's economy. Thus, IG analyst Jun Rong Yeap notes that the recent growth was mainly "a reaction to the support of China's monetary policy." The expert also added that oil demand remains a key factor influencing the oil price, as "larger risky market conditions and the weakening of the US dollar in recent days have not been able to cause significant positive dynamics in oil prices."

Also on Wednesday night, the API published its assessment of the dynamics of commercial oil reserves in the US. For the week to June 9, the indicator increased by 1.02 million barrels. Official statistics will be published by the Energy Department of the country in the evening. Analysts predict a decline in inventories by 0.51 million barrels.