Brent crude prices reached their highest level since April this Thursday, staying above $87, after the previous day’s data showed a decrease in U.S.
Brent crude prices reached their highest level since April this Thursday, staying above $87, after the previous day’s data showed a decrease in U.S. inventories.
As of 18:15 GMT, Brent crude futures rose 21 cents, or 0.2%, to $87.55 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures increased by 28 cents to $84.15 in light trading due to the U.S. Independence Day holiday.
In the previous session, Brent gained 1.3%, closing at $87.34, its highest level since April 30. WTI also reached an 11-week high at $83.88.
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Crude futures might continue to rise as Hurricane Beryl approaches the Gulf of Mexico, an area that hosts platforms responsible for nearly one-fifth of U.S. oil production.
Companies like Chevron, BP, and Shell have announced the evacuation of their workers from Gulf installations ahead of the storm, expected to arrive Friday morning. No supply disruptions have been reported yet.
These gains followed a larger-than-expected decrease in U.S. crude reserves. The Energy Information Administration (EIA) reported a reduction of 12.2 million barrels in inventories, significantly higher than the 680,000-barrel decline predicted by analysts surveyed by Reuters.
Concerns about demand were heightened by data showing that initial jobless claims in the U.S. increased last week, with the number of unemployed also rising.
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