Oil prices rose above $75, with US stocks in focus

Oil prices rose above $75 in international markets on Friday, boosted by signs of a strengthening US economy and a sharp drop in inventories ahead of further supply cuts from Saudi Arabia.

On the London market, the price of a barrel for delivery in September was 82 cents higher in the afternoon than at the close of trading yesterday and amounted to $75.33. Barrels for August delivery traded 52 cents higher at $74.86.

On the American market, the price of a barrel increased by 86 cents, to 70.72 dollars.

Traders were encouraged by slightly increased estimates of US economic growth in the first quarter and a sharp fall in inventories last week, by as much as 9.6 million barrels.

The US economy grew by 1.8% in the first quarter, according to the Commerce Department, compared to the same period last year, 0.2 percentage points stronger than previous estimates showed. At the end of 2022, it increased by 0.9 percent.

Prices were also supported by Saudi Arabia's announcement that it will cut supply by another million barrels per day in July. The Organization of the Petroleum Exporting Countries (OPEC) and its allies have extended a parallel agreement on reduced supply until the end of next year.

Markets have been pressured by high inflation and rising interest rates in key economies, as well as an unexpectedly slow recovery in China's industrial production and consumption.

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