Oil continues to rise and gains as US inventories fall

Oil continues to rise today to achieve the gains it made in the previous session. And the US Energy Agency says that oil and fuel stocks in the United States have fallen.

  • US oil and fuel inventories continue to decline

Oil prices rose today, Thursday, to continue the gains made in the previous session, in parallel with the continued decline in oil and fuel stocks in the United States.

The price of Brent crude futures rose 17 cents, or 0.2 percent, to $ 85.99 a barrel, after increasing by 0.9 percent the previous day.

US West Texas Intermediate crude futures for November, which expired on Wednesday, rose 91 cents, or 1.1 percent, at the settlement, after touching the highest level since October 2018. December contracts also rose 37 cents or more. 0.4 percent to $83.79 a barrel.

And the US Energy Agency’s Information Administration said that crude stocks in the United States fell 431,000 barrels in the week ending October 15 to 426.5 million barrels, compared to expectations of analysts polled by “Reuters”, an increase of 1.9 million barrels.

The government agency added that crude stocks at the delivery center in Cushing, Oklahoma, fell to their lowest level since October 2018, indicating a tight market that may take some time to reduce.

And it indicated that gasoline stocks fell by 5.4 million barrels last week to 217.7 million barrels, the lowest level since November 2019.

Also, oil markets recorded their highest levels in several years this week, on the back of the global coal and gas crisis, which led to a shift to diesel and fuel oil to generate electricity.

Oil prices reached their highest levels two days ago, with demand recovering from the Corona pandemic.

Analysts from ANZ Bank said that “the easing of restrictions around the world is likely to contribute to a recovery in fuel consumption.”

Source

Oil continues rise gains inventories fall

 
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