In a world of expensive oil

Oil prices reference marks rise on expectations of growth in global demand for fuel in the second half.

So, the price of September futures for Brent crude on London’s ICE Futures exchange at 9:45 rose to $ 49 per barrel. Crude oil with August delivery in electronic trading on the new York Mercantile exchange (NYMEX) increased to 46.59 per barrel.

Last Friday Brent crude climbed to 48.91 per barrel, WTI – to 46.54 per barrel. Weekly growth exceeded 5%.

The world’s oil reserves will decline increasingly in the second half against the backdrop of increasing global demand and fulfillment of the terms of agreement to limit OPEC production, said the representative of Kuwait in the cartel the Khait al-GAIS.

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“The market is waiting for increased demand in the third quarter due to seasonal factors, says Kiwoom Securities analyst Kim Yumi. – However, there is an increased chance of risks associated with the proposal, especially from the United States after the peak seasonal demand for fuel will come to naught in the fourth quarter.”

Meanwhile, oilfield services company Baker Hughes said last Friday that the number of oil rigs in operation in the U.S. last week increased by two units, to 765. The figure was the lowest since may.