MOSCOW (Sputnik) — As of 05:05 GMT, the price for November futures on Brent oil grew by 0.3 percent, trading at $47.24 per barrel. October WTI futures also grew by 0.49 percent, trading at $45.12 per barrel.
The growth is taking place in the wake of the API data, showing that US petroleum reserves increased by just 1.4 million barrels instead of predicted 3.8 million in the context of a multimillion slump in the reserves during the previous week.
Oil prices have plunged over the past two years from $115 per barrel in June 2014 to less than $30 per barrel in January 2016, mostly due to global oversupply and stagnated demand. Crude prices are currently fluctuating between $40-50 per barrel.
