Oil prices continue to rise

Follow up - INA

The oil prices continued, today, Thursday, for the second consecutive day, after a larger-than-expected decline in US crude oil and gasoline stocks.

Brent crude futures rose 0.4 percent to $75.49 a barrel by 06:43 GMT, after rising 0.5 percent on Wednesday.

Meanwhile, West Texas Intermediate crude futures rose 0.4 percent to $73.39 a barrel, after increasing by 0.3 percent yesterday.

One of the oil market analysts confirms that “the two benchmarks reached their highest levels since October 2018, on Wednesday, but they trimmed the gains later in the session as energy traders reap the profits after the report on the decline in US stocks. 

For its part, the US Energy Information Administration stated, "Oil stocks fell by 7.6 million barrels in the week ending June 18, 2021 to 459.1 million barrels, the lowest level since March 2020." 

While US gasoline stocks fell by 2.9 million barrels in the week, against analysts' expectations for a rise of 833 thousand barrels, while oil prices resumed rising in Asian trading today.

It is worth noting that OPEC and its allies will meet on the first of next July to discuss greater relief to reduce the record production applied since last year, starting from August 2021, but no decision has been taken on the specific volumes.

Source: Reuters