Brent exceeds $87 to hit its highest levels since April

On Thursday, the price of Brent crude oil reached its highest level since April and was trading above $87 after data yesterday, Wednesday, showed a decline in US inventories.

Brent crude futures rose 13 cents, or 0.2%, to $87.47 per barrel. US West Texas Intermediate crude futures also rose three cents to $83.91 a barrel, with activity slowing due to the Independence Day holiday in the United States.

The price of Brent crude oil rose at settlement in the previous session by 1.3% to $87.34, which is the highest closing level since April 30, and West Texas Intermediate crude ended the trading session yesterday at the highest level in 11 weeks at $83.88.

Energy Information Administration data showed US inventories fell more than expected in the week ending June 28, limiting the decline in prices. Demand concerns increased after US data showed an increase in the number of people applying for unemployment benefits last week, while the number of people registered on unemployment lists increased.