Oil prices started to rise on Monday, as investors focused on the issue of tight supply in the market, especially after the release of economic data late last week, which showed that US crude stocks fell to their lowest level in more than three years.
The price of Brent crude was up 49 cents, or 0.6 percent, to $77.60 per barrel. WTI crude oil futures rose 34 cents, or 0.5% to $74.14 per barrel.
Official economic data published on Thursday showed crude stocks at the point of delivery of US futures contracts in Cushing, Oklahoma fell to a three-and-a-half year low. The data was published one day after the normal date due to the fourth of July holiday.
According to analysts and experts in the oil markets, investors are now focusing on the amount of increase recorded by the exports of Saudi Arabia and other Gulf countries. Last month, the Organization of the Petroleum Exporting Countries and other non-OPEC producers agreed to a limited increase in output in order to curb the rise in oil prices, which recently reached their highest level in three and a half years.
This increase in supplies could lead to a reduction in the impact of some of the production cuts conducted by OPEC and other major producers in early 2017, meant to put an end to the years of global supply gap.
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