The prices of crude oil benchmarks rise on Thursday on the expectations of U.S. energy stock report.
March futures for Brent were 17 cents or 0.25 % up, at 69.55 USD per barrel on Thursday morning. At the end of ICE Futures trading session on Wednesday evening, the contracts price went up by 23 cents or 0,33 %, to $69.38 a barrel.
February WTI futures were 26 cents or 0.41% up, at 64,23 USD per barrel on Thursday morning. The contract price went up by 24 cents or 0,38%, to $63,97 a barrel at the end of NYMEX trading session on Wednesday evening.
The official U.S. Energy Information Administration data on U.S. crude oil stock will be published at 16.00 JMT on Thursday. Analysts expect another decline. If the expectations come true, the inventories will have been decreasing for the ninth week in a row.
According to Schneider Electric energy analyst Robby Fraser, fundamental market factors support the stock reduction and global demand. The pledges by Niger Delta rebels to attack oil installations in Nigeria, as well as the continuing conflict in Libya, remind that geopolitical risks can worsen oil supply to the market.