Oil price increases in world market
Baku, May 19 (AZERTAC). Oil traded near the highest in more than a week in New York after a government report showed an unexpected drop in U.S. crude inventories on increased refinery operating rates and supply disruptions.
Futures were near $100 a barrel after rising 3.3 percent yesterday and as much as 0.5 percent today. Stockpiles slipped 15,000 barrels last week to 370.3 million, the Energy Department said yesterday. Supplies were projected to rise 1.7 million barrels in a Bloomberg News survey. The U.S. imposed sanctions on Syrian President Bashar al-Assad and six other officials as his regime intensified a two-month crackdown on protesters.
“There is less risk aversion,” said Hannes Loacker, an analyst with Raiffeisen Bank AG in Vienna. “Downward potential is really limited because we still have these tensions in the Middle East-North Africa region and healthy demand growth from emerging markets.”
Crude for June delivery was at $99.79 a barrel, down 32 cents, in electronic trading on the New York Mercantile Exchange at 10:26 a.m. London time. It advanced $3.19 to $100.10 yesterday, the highest settlement since May 10. The more- actively traded July futures declined 31 cents to $100.25. Prices are up 43 percent the past year.
Brent crude for July settlement was at $112.20 a barrel, down 10 cents, on the London-based ICE Futures Europe exchange. Yesterday the contract increased $2.31, or 2.1 percent, to $112.30, the highest since May 13.
A barrel of Azeri Light crude oil sold for $116,13.
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