Oil prices continued to rise on Thursday morning after rising to three-month highs the previous day. The market is analyzing statistical data on the volume of crude inventories in the United States and China’s foreign trade for May.

The volume of Chinese exports last month jumped 16.9% in annualized terms, showing growth at the fastest pace since January, data from China’s customs department showed. Analysts had expected a more modest increase of 8%, Trading Economics reports. Chinese exports have grown significantly amid the removal of covid restrictions in the country, which allowed factories and plants to resume work, says SPI Asset Management expert Stefan Innes. This may indicate a further increase in demand for energy resources.

Meanwhile, the report of the U.S. Department of Energy on Wednesday showed a weekly increase in oil reserves by 2.02 million barrels – up to 416.76 million barrels. However, gasoline reserves fell by 812 thousand barrels to 218.18 million barrels.

The fall in gasoline reserves was a consequence of the beginning of the automotive season in the United States, when demand for fuel is traditionally high. According to ANZ analysts’ calculations based on data from the Ministry of Energy, demand for refined products in the States is about 19.5 million barrels per day, for gasoline – 8.98 million bpd.

“The oil market is unlikely to see a downturn in the coming months as gasoline demand will only increase due to the motor vehicle season,” said Varren Patterson, head of commodities research at ING.

The cost of August futures for Brent crude oil on the London-based ICE Futures exchange by 8:47 Moscow time is $123.74 per barrel, up $0.16 (0.13%) from the previous session’s closing price. At the end of trading on Wednesday, the contract rose by $3.01 (2.5%) – to $123.58 per barrel.

The price of WTI oil futures for July at the electronic trading of the New York Mercantile Exchange (NYMEX) by this time rose by $0.06 (0.05%) – to $122.17 per barrel. The day before, the cost of these contracts increased by $2.7 (2.3%), to $122.11 per barrel.