After the decline at the beginning of the session, crude oil futures reduced losses and regained their positions in the conditions of high volatility on Thursday.
Speculation about a possible supply shortage helped restore the price of oil. According to reports, the representative of Saudi Arabia in the Organization of Petroleum Exporting Countries said that the export of crude oil from the kingdom could drop by about 100,000 barrels per day in August, as the country wants to ensure that there is no excess supply on the market.
Crude futures for August shipments increased by $ 0.70 or 1 percent, to $ 69.46 per barrel on the New York Mercantile Exchange, after reaching a low of $ 67.80. Crude oil futures for September delivery were trading at $ 68.19 per barrel, $ 0.44 or 0.65 percent higher.
On Wednesday, August delivery futures rose from the monthly lows by 1 percent, as concerns about the supply disruptions reappeared amid reports that the distillation unit was shut off at the Amuai refinery in Venezuela.
Data from the Energy Information Administration on Wednesday showed that during the week ended July 13, US crude oil reserves exceed the expected level of 5.8 million barrels. However, gasoline inventories declined by 3.2 million barrels per week, and distillate stocks fell by 400,000 barrels, and this contributed to the growth of oil futures.