News 17 july — 12:26

Oil rises in price: Weekly growth is 5%

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The prices for oil of benchmarks increase on Monday on expectations of growth of world demand for fuel in the second half of the year.

The price of Brent crude on the London Stock Exchange ICE Futures has so far risen 15 cents (0.31%) to $49.06 per barrel.

WTI oil in electronic trading on the New York Mercantile Exchange (NYMEX) increased 12 cents (0.26%) to $46.66 per barrel.

Last Friday, Brent went up by $0.49 (1.01%) to $48.91 per barrel, WTI by $0.46 (1%) to $46.54 per barrel. Weekly growth exceeded 5%.

World oil reserves will decline more actively in the second half of the year amid rising global demand and meeting the terms of the agreement on limiting production by OPEC countries, said Kuwait's representative in the cartel Haitam al-Gais.

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