6/7, 1:49 PM (Source: TeleTrader)
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Oil prices up amid supply concerns

The prices of oil futures increased on Friday after the United States Energy Information Administration (EIA) projected that global oil stockpiles will decline "slightly" in the "in each of the next five quarters." In turn, that will lead to a rise in prices, the agency said.

Meanwhile, the US inventories were reported to have gone down by 1.7 million barrels in the week ending June 2.

West Texas Intermediate (WTI) for settlements in July advanced by 1.16% to 7:36 am ET to sell for $72.54 per barrel. At the same time, Brent for deliveries in August went up by 1.05% to go for $77.09 per barrel.

Baha Breaking News (BBN) / JR