Oil is rising in price due to the information about the reduction of inventories in the United States
On Wednesday morning black gold is rising after the American Petroleum Institute published the statistics on the commodity stocks fall in the United States by 7.6 million barrels during last week.
According to consensus forecasts, on Wednesday the official information about the indicator of the stocks level will show the increase of value by more than 2 million barrels.
Venezuelan Oil Minister Eulogio Del Pino made a statement that the agreement of the OPEC oil cartel could cause a drop in oil production by 1.2 million barrels. At the moment the market doubts that oil prices will significantly increase if the transaction takes place.
In the morning futures contracts for Brent crude oil have risen in price by 0.9% to $ 51.31 per barrel on the London Stock Exchange.
At the same time, quotes of November contracts for the US WTI crude oil have increased by 1% to $ 49.17 per barrel during the trading session on the New York Mercantile Exchange.