Oil prices rise amid depleting US inventories

Oil prices rose on Thursday after a continuous fall in oil inventories. US Crude oil stockpiles fell by 5.1 million barrels during the week.

U.S. West Texas Intermediate (WTI) crude futures were at $56.77 a barrel at 00344 GMT, up 17 cents, or 0.3 percent, from their last settlement.

Brent crude futures, the international benchmark for oil prices, were at $62.81 a barrel, up 37 cents, or 0.6 percent from their last close.

Despite gains in WTI, BRENT oil premium has risen by significant amount during the week against the WTI benchmark. Brent prices have reached $62.81 a barrel during 2017 during the week lower than the June, 2015 highest values.

OPEC’s oil production has significantly reduced over the course of last year. The US Crude production on the other hand has increased to its highest level during 2017 taking advantage of the rising oil prices.

In its last Global Outlook Report, OPEC announced its decision to support the oil-market stability which it expects will lead to a further reduction in global oil inventories. The oil prices had reached to their historic lows during 2013-2016 prompting oil producers to take long-term steps to fix the situation.

Recent efforts by OPEC and accidental geopolitical tensions have increased the prices in the international markets since June 2017.