Despite a surprise rise in US inventories driven by geopolitical risks arising from the Middle East conflict and expectations of an eventual drawdown of inventories during the peak demand season in the third quarter, oil prices rose today, Wednesday, in Asian trading.
Brent crude futures had increased by 40 cents, or 0.5%, to $ 85.41 a barrel by 04:06 GMT. The
American Oil Organization (Programming interface) announced that US unrefined petroleum inventories rose by 914,000 barrels in the week to June 21, as per market sources acquainted with the information. Reuters polled analysts and found that crude inventories should have decreased by about 3 million barrels last week.
