Bourse

Bourse

Oil price rises

17 July 2009 09:09 (UTC +04:00)

Baku â€“ APAâ€“Economics. On July 16, on the New York Mercantile Exchange August crude WTI futures rose $0.48, at $62.02 per barrel, APA-Economics reports. August Brent contract on Londonâ€™s ICE futures exchange rose by $0.34 and reached $62.75 per barrel.

US Energy Department report on the countryâ€™s oil resources caused the increase of oil price in the world market. According to the report, crude oil resources in the country reduced to 2.8 mln â€“ 344.5 mln barrels, petrol resources â€“ 1.5 mln â€“ 214. 6 mln barrel and strategic resources increased 0.7 mln-724.1 mln barrel. The US oil production remained steady 5.171 mln barrel per day.

According to the reports of American Petroleum Institute oil product demand in the United States plunged into the minimal level over the past 11 years. Oil products supply reduced 5.8% - 18.7 million b/d in the past six months, which creates instability in the market.