Oil prices hit their highest level in two weeks before the weekly report of the US Energy Agency

 Oil prices turned higher with the opening of the American market on Wednesday, to continue its gains for the third day in a row, recording the highest level in two weeks, after a new decline in crude stocks in the United States, according to preliminary data of the American Petroleum Institute, and traders are awaiting later today, official data. In the weekly report of the US Energy Agency.

 

US crude rose 0.8% to the level of $68.16, the highest since August 15, from the opening level at $67.61, and recorded the lowest level at $66.95, and Brent crude rose by 1.2% to the level of $71.85 a barrel, the highest in two weeks, from the level of The opening was at $70.99, and the lowest level was at $70.54.

 

When settling yesterday, US crude gained 3.25%, and Brent crude rose 3.6%, in the second consecutive daily gain.

 

These strong gains were achieved, thanks to hopes of improving global demand for fuel, after the authorities granted full approval for the use of the “Pfizer-Biontech” vaccine against the Corona virus, in addition to the high productivity of refiners in India.

 

In preliminary data, the American Petroleum Institute announced yesterday that commercial stocks in the country decreased by 1.6 million barrels during the week ending August 20, in the fifth consecutive weekly decline, exceeding experts' expectations of a decline of about 1.5 million barrels.

 

According to these data, total commercial stocks in the United States decreased to about 436.9 million barrels, which is the lowest level since the week ending January 31, 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 1.9 million barrels.

 

As for US production, it rose by about 100,000 barrels last week, in the second consecutive weekly increase, bringing the total production to 11.4 million barrels, and the United States is the largest oil producer in the world.