Brent crude increased above $109 a barrel today ahead of US oil inventory data and the European Central Bank’s decision to introduce monetary policies in order to lift euro zone growth.
Brent crude for July delivery was up 30 cents at $109.12 a barrel, while US crude gained 53 cents to $103.19 a barrel, reported Reuters.
Oil prices were stable this week after decreasing 1%-1.5% in the last week of May, as traders booked profits on an anticipated increase in the Organization of the Petroleum Exporting Countries’ (OPEC) supply to its highest in three months.
The US Government is scheduled to reveal oil inventories data later today and industry statistics showed a higher than anticipated decline in crude stockpiles.
Data from the American Petroleum Institute (API) revealed that crude inventories declined 1.4 million barrels to 382.5 million barrels in the week ending 30 May 2014, compared with analyst estimations of a 300,000 barrel decrease.
The API noted that crude stocks at the delivery hub at Cushing, Oklahoma, fell by 300,000 barrels.
Reuters reported that investors are also watching the results of wage negotiations between oil firms and the largest union in Norway, after a fourth round of discussions failed.
Approximately 10% of Norway’s offshore workers went on strike for 16 days in 2012, which resulted in the reduction of oil output by 13% and gas by 4%.