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Brent Could Reach $70 Per Barrel by the End of the Week

Oil quotes this morning have shown a growth. Brent crude at 11:05 EET was trading at $67.86 a barrel and WTI with June delivery grew to $60.86 a barrel. By the end of Wednesday’s trading session in London, North Sea oil for June contracts closed the day at $67.42 a barrel. The price of light crude with June delivery at the end of the trading session in New York was $60.57 per barrel.

A growth in the quotes is due to a fall in US oil reserves. According to statistics from the US Energy Information Administration, oil reserves at the end of last week had fallen by 3.88 million barrels. The increase in the price of oil is also due to the closing of Libya’s Zueitina terminal. By cutting short the work of the terminal, Libya has increased market participant’s concerns about a possible interruption in the supply of oil.

Thus, oil quotes have received temporary support and will probably keep rising until the end of the week. The price of Brent could go as high as $70 a barrel with WTI hitting $63.1 per barrel.

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