Oil prices rose due to increased demand for raw materials from China

Also, the increase in prices for raw materials was influenced by the reduction of oil reserves in the USA against the background of the increase in consumption at oil refineries.

July Brent crude futures rose to $83.89 per barrel. U.S. West Texas Intermediate crude futures for June were up 39 cents, or 0.5%, at $79.38 a barrel, Reuters reported .

Oil prices rose due to a significant reduction in crude oil inventories in the US. An improvement in China’s trade balance also gave impetus to growth.

Thus, according to the US Energy Information Administration, oil reserves in the country decreased by 1.4 million barrels last week to 459.5 million barrels. This exceeded the expectations of analysts, who predicted a decrease of 1.1 million barrels. At the same time, processing at oil refineries increased by 307,000 barrels per day.

Oil supplies to China in April amounted to 44.72 million tons, or about 10.88 million barrels per day. This is up 5.45% from the relatively low 10.4 million barrels per day imported in April 2023.

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