Oil prices remained on the rise with the opening of the American market on Wednesday for the first time in five days, after preliminary data from the American Petroleum Institute showed a decline in crude stocks for the fourth consecutive week in the United States, and traders are awaiting later today, official data within the weekly report of the American Energy Agency. .
American crude rose by 1.25% to the level of $ 67.47, from the opening level at $ 66.65, and recorded the lowest level at $ 66.43, and Brent crude rose by 1.6% to the level of $ 70.02 a barrel, from the opening level at $ 68.92, and recorded the lowest level at 68.88 $.
When settling Tuesday, US crude lost 1.3%, and Brent crude fell 0.8%, in the fourth consecutive daily loss, due to concerns about weak demand in China.
In preliminary data, the American Petroleum Institute announced yesterday that commercial stocks in the country decreased by about 1.2 million barrels during the week ending August 13, in the fourth consecutive weekly decline, exceeding experts' expectations of a decrease of about 1.1 million barrels.
According to these data, the total commercial stocks in the United States decreased to about 438.5 million barrels, which is the lowest level since the week ending February 7, 2020, in a strong sign of the levels of withdrawal and demand 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 1.5 million barrels.
As for US production, it increased by about 100,000 barrels last week, bringing the total production to 11.3 million barrels, and the United States is the largest oil producer in the world.
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