Oil prices continue to rise in trading after yesterday’s record three-month settlement level amid expectations of strong demand in the upcoming US auto season. The American Petroleum Institute estimates that U.S. oil inventories rose by 1.85 million barrels last week, with official data from the Energy Information Administration due later today. And, as quoted by Reuters, Jeremy Weir, CEO of global commodity trading company Trafigura, sees oil prices could hit $150 a barrel in the coming months.
Brent oil futures for August delivery rose 0.50% to $121.17 a barrel at 09:02 Beirut time after hitting yesterday’s settlement high since May 31. U.S. oil futures for July delivery also rose 0.64% to $120.18 a barrel after a record settlement since March 8 in the previous session at $119.41.
Source: El Iktisad
