Oil in maximum 10 months waiting to drop in reserves – Jornal de Negócios – Portugal

The oil is trading in positive territory for the second consecutive session, reaching maximum since October last year on the London and New York.

Brent oil, traded in London, is value 1.25% to $ 51.18 and has set a maximum of eight months for $ 51.30. In New York WTI sum 1.07% to $ 50.22, reaching the highest level since last October at $ 50.37.

The high price of the raw material is related with the expectation of further decline in crude oil reserves in the United States, suggesting a decrease in oversupply on the market. Analysts contacted by Bloomberg estimate that “stocks” of crude oil in the United States have fallen by 3 million barrels in the week ended June 3. The US Energy Department will release figures on Wednesday.

Face to a minimum of 12 years reached in February, a barrel of oil already appreciated about 90%, reflecting especially the decrease in production by countries such as the United States, which were pressured by lower profitability due to the fall in prices and the decision of the OPEC not to lower production.