Oil prices rise in anticipation of eurozone, US statistics

Global oil prices rose in anticipation of the release of economic statistics on May 16 morning.

July Brent crude futures rose 0.45 per cent to $75.56 per barrel, and June WTI futures rose 0.44 per cent to $71.42, Report informs, citing global trading data.

On May 16, the world oil market is expecting the publication of several economic indicators which may affect prices. In the afternoon, Eurostat will publish its second estimate of eurozone GDP for the first quarter. It is expected to remain in line with the first estimate of 1.3 per cent growth. Later in the day, US industrial production data for April will be released; analysts expect the figure to be unchanged from the previous month.

Investors are also evaluating the news that the US Department of Energy will buy up to 3 million barrels of oil to replenish the country's strategic reserves. Earlier in May, the Department's Energy Information Administration reported that strategic oil reserves in the United States fell by 2.9 million barrels to 362 million barrels for the week to May 5. Thus, the indicator is the lowest since the week ending October 7, 1983. This decision may indicate continued high demand for oil.