Crude oil price has increased by 0.65% from $78.41 to $78.92 per barrel.
This is sequel to the increase in demand of the crude oil in the global commodity market.
The American benchmark West Texas Intermediate (WTI) traded at an increase in 0.81% from $74.07 per barrel to $74.67 per barrel.
There is also a growing expectation that the US Federal Reserve will start cutting interest rates in the fourth quarter of the year.
The US employment data to be released on Friday is estimated a prediction of rate cut to 60% in September, 87% in November and December cut will remain unchanged.
“Inventories rose by about 1.2 million barrels during the week ending May 31, compared to the market prediction of a fall of around 2.1 million barrels. Gasoline inventories also rose by approximately 2.1 million barrels.”
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