Global oil prices rise amid declining crude reserves in US

Global oil prices rose on data from the American Petroleum Institute (API) on the crude reserves in the United States, Report informs referring to the auction data.

The price of April futures for Brent crude rose by 0.44% to $91.18 per barrel, March futures for WTI rose by 0.41% to $89.74 per barrel.

US commercial oil inventories fell by 2.025 million barrels in the week ended February 4, according to API data, against an expected increase of 0.675 million barrels. Official statistics from the US Department of Energy will be published later on February 9.

Investors also continue to assess the prospects for negotiations to restore the Joint Comprehensive Plan of Action (JCPOA).

While the incentives to strike a deal with Iran has increased on the US front, Goldman Sachs remains cautious that an agreement will be reached soon as there is a lack of direct talks between all parties and key areas of disagreement remain. A deal would allow for Iran oil volumes to rise in the third quarter, which could weigh on crude prices, Goldman Sachs noted.

In addition, on February 10 and February 11, traders expect the publication of monthly reports from OPEC and the IEA.