Oil prices surge to 2015 high on falling US stocks

Brent crude oil price rises to $69.12 per barrel due to slipping crude stocks

Photo by: Reuters
Photo by: Reuters

Updated Jul 28, 2015

According to officials, US crude inventories fell by 3.88 million barrels, in contrary to 1.5 million barrel increase in response to the crude prices increased to the highest in 2015 on Wednesday.

Brent oil prices reach a new year high as it increases by $1.60 to $69.12 a barrel on Wednesday.

US crude traded at $61.89 a barrel increasing by $1.54 from Tuesday which is slightly below Wednesday’s daily high of $62.58.

Oil prices are continuing to be affected by the conflict in Libya as the blockade of the Zueitina port in Libya pushed the price of the global oil market higher.

Although the oil market is abundantly well supplied with member countries of the Organization of the Petroleum Exporting Countries (OPEC) pumping almost 2 million barrels per day more than the current demand for oil, turmoil in the Middle East has kept the market on edge. Due to the civil war in Yemen, prices rose, taking risk of disruption to oil supplies into consideration.

TRTWorld and agencies