Oil prices rose, during trading today, Wednesday, June 8, 2022, amid expectations of a decrease in US oil stocks. The rise coincides with expectations of increased demand for fuel in the upcoming driving season, as the US Energy Information Administration raised its forecasts for oil demand this year.
The price of the Brent crude futures contract - for delivery next August - rose by 0.85%, to reach $ 121.81 a barrel, after closing yesterday, Tuesday, at its highest level since May 31. The price of future contracts for West Texas Intermediate crude - for delivery next July - rose by 0.76%, recording $ 120.72 a barrel, after reaching its highest settlement since March 8 in the previous session, according to data seen by the specialized energy platform.
Oil prices ended their trading yesterday, Tuesday, with a rise in volatile trading, as the market reduced risk sentiment against fears of supply shortages and the possibility of higher demand after China eased restrictions on the Corona virus.