Oil prices in the European market jumped on Wednesday to the highest level in two weeks, to resume their gains that were temporarily halted yesterday. This rise comes after a significant decrease in crude stocks in the United States, according to preliminary data of the American Petroleum Institute, and traders are awaiting official data later today, within US Energy Agency weekly report.
US crude rose about 1.0% to the level of $ 72.57, the highest since July 15, from the opening level at $ 71.88, and recorded the lowest level at $ 71.84, and Brent crude rose by 0.75% to the level of $ 75.28 a barrel, the highest in two weeks, from the level of The opening was at $74.73, and the lowest level was recorded at $74.60.
When prices were settled on Tuesday, US crude lost 0.4%, and Brent crude fell by 0.3%, in the first loss in the last five days, due to growing concerns about global demand for fuel.
In preliminary data, the American Petroleum Institute announced yesterday that commercial stocks in the country decreased by about 4.7 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 2.5 million barrels.
According to these data, total commercial stocks in the United States decreased to about 441.4 million barrels, which is the lowest level since the week ending February 7, 2020, in a strong sign of withdrawal and demand levels in the largest consumer of fuel in the world.
Later today, traders are awaiting official data on commercial stocks and production levels, within the weekly report of the US Energy Agency, and expectations indicate a decline in stocks by about 2.6 million barrels.
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