Oil prices remained on the rise with the opening of the US market on Thursday to extend its gains for the second day in a row, recording the highest level in two weeks, thanks to the easing of fears of oversupply in the United States, after a drop that exceeded expectations in commercial stocks, in conjunction with the slowdown in US oil production.
US crude rose 1.2% to $73.25, the highest since July 14, from the opening level at $72.38, and recorded the lowest level at $72.29, and Brent crude rose by 1.1% to $75.53 a barrel, the highest in two weeks, from the level The opening was at $74.76, and the lowest level was recorded at $74.62.
US crude achieved, when prices settled on Wednesday, an increase of 0.7%, and Brent crude rose by 0.2%, following the weekly report of the US Energy Agency.
Yesterday, the US Energy Agency announced a decrease in commercial stocks in the country by about 4.1 million barrels, during the week ending on July 23, in the ninth weekly decline in two and a half months, exceeding experts' expectations of a decrease of about 2.6 million barrels.
According to these data, total commercial stocks in the United States decreased to about 435.58 million barrels, which is the lowest level since the week ending January 31, 2020.
The decline in US stocks to levels before the outbreak of the Corona virus pandemic, is a major positive sign of improving demand and withdrawal levels in the world's largest fuel consumer, especially after the easing of infection-related closure restrictions.
As for US production, it decreased last week by about 200,000 barrels, bringing the total production to 11.2 million barrels, which is the lowest level since the week ending on June 25, and the United States is the largest oil producer in the world.
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