Rising Prices Of Crude Oil

Rising prices of Crude oil

Singapore, (Pakistan Point News – 22nd July, 2016) : Currently, a trend of rise in crude oil prices was observed in Asian oil market, value reached 47.37 dollars a barrel. International benchmark Brent crude hovered near a two-month low at around $46 a barrel ahead of the data release before recovering to a little below $47.50. This morning in London, it was down to around $47 a barrel, well below the $50 at which it spent much of the spring. According to the report of US Department of Energy on oil, a continuous decline was recorded in oil inventories in the ninth week and 2.3 million barrels decline was observed in crude oil’s stockpiles last week. According to American experts, the decline in oil inventories mainly caused in the increase of crude oil prices.

Rising prices of Crude oil