Economic

Oil prices rise due to lower US crude stocks

Crude oil prices rose in Wednesday morning trading, supported by the appearance of preliminary data on the decline in crude stocks in the United States, an indication of improved demand.

The American Petroleum Institute said on Tuesday evening that during the past week ending June 26, crude inventories in the United States fell by 8.2 million barrels.

the US Energy Information Administration announced later today, the final data for oil stocks during the past week in the United States, as its decline indicates an improvement in demand for crude within the markets of the world’s largest oil consumer.

By 09: 32GM, Brent crude futures for September delivery rose 2.83 percent, or $ 1.18, to $ 42.45 a barrel.

Also, US West Texas Intermediate crude for August delivery rose 2.90 percent, or $ 1.14, to $ 40.41 a barrel.
Yesterday, Tuesday, most of the Gulf stock markets declined in the last sessions of the first half of this year, with the increasing fears of “Corona” and the drop in oil prices.

The Abu Dhabi Stock Exchange index was the only winner in today’s trading.

Oil prices rise due to lower US crude stocks

Gulf markets retreated, due to increased fears of a second wave of Corona virus outbreaks, with increased infections in the United States, and continued fluctuation in oil prices due to demand concerns.

At 13:05 GMT, futures contracts of the “Global Standard”, Brent crude for September delivery, fell 1.55 percent, or $ 0.65, to $ 41.20 a barrel.

US West Texas Intermediate crude, August delivery, fell 1.74 percent, or $ 0.69, to $ 39.01 a barrel.

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