Oil Prices Dip amid US Stock Growth
World oil prices are dropping on August 2 amid the report released by the American Petroleum Institute (API) about the US crude stock volume.
The price for October futures of Brent oil has decreased by 0.60 percent to $51.47 per barrel as of 06:28 (UTC + 4).
The price for September futures of West Texas Intermediate (WTI) dropped by 0.67 percent and stood at $48.83 per barrel.
The US crude stocks unexpectedly rose by 1.8 million barrels to 488.8 million barrels over the week ending July 28, according to API report. This is while analysts expected the country’s crude stocks to decline by 2.9 million barrels.
Currently, experts are waiting for the report of the US Energy Information Administration on the crude stocks. Experts forecast the US commercial crude stocks (excluding the strategic reserve) to drop by 0.6 percent or by 2.9 million barrels to 480.5 million barrels.
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