The price of oil rises before the fall of US reserves

The prices of oil increase because investors focused on the difficult market conditions after the reserves of Crude oil prices in the United States have dropped to their lowest level in more than three years.

Official data released Thursday, a day later than normal due to the US July 4th holiday, showed that inventories at Cushing the delivery point of the oil futures crude in the United States fell to its lowest level in three and a half years

The Organization of Petroleum Exporting Countries (OPEC) and other countries agreed early this month of a modest increase in production to curb the rise in oil prices, which recently peaked at three-and-a-half years.

An increase in supply will reverse some declines in oil prices. pr oduction that the OPEC and other major producers like Russia have set up early 2017 to end several years of excess supply.

The number of US platforms, an indicator of future production, increased five times in the week to July 6, according to Baker Hughes energy services firm of General Electric Co.

The Barrel oil North Sea Brent for deliveries in September was trading at $ 77.48 at the start of the session on the Intercontinental Petroleum Exchange (ICE) electronic market.

The Brent rose 37 cents (0.48%) from Friday's previous close, $ 77.11. Meanwhile, West Texas Intermediate (WTI) for August shipments was up 29 cents (0.39%) and trading at $ 74.09.

For its part, the basket of the Organization of the Petroleum Exporting Countries ( OPEC ) released Friday at $ 74.50, down 71 cents (0.95%) compared to last Thursday's closing.

GGA