Oil prices rise more than 2% ahead of US stockpile data

 Oil prices rise more than 2% ahead of US stockpile data

Oil prices extended their rise with the opening of the American market on Tuesday, to rise by more than 2%, on the verge of achieving the second daily gain in a row, with the continuation of recovery processes from the lowest level in three months, and supporting prices hopes for an improvement in global demand for fuel, after the authorities granted their approval This comes before the release of preliminary data on crude stocks in the United States, in addition to the increase in the productivity of refiners in India.

 

US crude rose 2.1% to the level of $ 66.87, from the opening level at $ 65.48, and recorded the lowest level at $ 65.44, and Brent crude rose by 2.1% to the level of $ 70.10 a barrel, from the opening level at $ 68.65, and recorded the lowest level at 68.54 $.

 

Upon settlement yesterday, US crude achieved a rise of 5.8%, in the first daily gain in the last eight days, after recording earlier in the trading, the lowest level in three months at $ 61.76 a barrel, and Brent crude rose by 5.7%, after recording a level at $64.76, the lowest since last May.

 

The US Food and Drug Administration (FDA) has announced its full approval for the vaccination of people 16 years of age or older with the “Pfizer-Biontech” vaccine against the Corona virus, and the agency had granted the vaccine an emergency use license in December 2020.

 

This decision will greatly help many companies and government agencies to impose vaccination against the Corona virus, which will lead to the easing of restrictions on travel and trips.

 

In India, data showed that the refiner's crude productivity rose in July to the highest level in three months, thanks to the recovery in fuel demand in the third largest oil consumer in Asia.

 

Later today, preliminary data on crude stocks in the United States will be issued by the American Petroleum Institute, amid expectations of a decline in stocks for the fifth week in a row. Tomorrow, Wednesday, official data will be released by the American Energy Agency.