• Oil is trading higher

Market news

5 October 2016

Oil is trading higher

This morning, New York futures for Brent rose by 1.42% to $ 49.37 and crude oil futures for WTI rose 1.40% to $ 51.58 per barrel. Thus, the black gold is traded in the green zone on the background of an unexpected decline in US oil inventories. American Petroleum Institute data showed that the reserves of black gold in the US probably fell last week, showing a decline for fifth week in a row. Energy Information Administration will release official statistics today, but analysts expect that the agency will report a growth of reserves by 2.6 million barrels for the week ended September 30th.

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