Oil price continues to go up. During Wednesday trading, it has reached its two-year high because of the information about the decline in the American oil stock.
January Brent futures were 43 cents or 0.69 % up, at 63 on Wednesday morning. At the end of ICE Futures trading session on Tuesday evening, the contracts price went up by 35 cents or 0,56 %, to $62.57 a barrel.
January WTI futures were 89 cents or 1.57% up, at 57.72 on Wednesday morning. The contract price went up by 41 cents or 0.73%, to $57.72 a barrel at the end of NYMEX trading session on Tuesday evening.
The American Petroleum Institute reported a draw of 6.36 million barrels of United States crude oil inventories for last week. The official U.S. Energy Information Administration data will be published on Wednesday afternoon. According to analysts, the EIA will report the decline in crude oil inventories of 2.2 million barrels.
At the same time, Saudi Arabia cut oil export in September by 2.4% compared to August, increasing oil production by 0.2%, says Joint Organization Data Initiative (JODI).