Global oil prices remained on the rise with the opening of the US market on Thursday, to continue its gains for the third day in a row, as Brent crude recorded its highest level in two months, after official data in the United States showed a new decline in commercial crude stocks, in a positive sign of the strength of demand in The largest consumer of fuel in the world.
US crude rose 0.9% to the level of $72.52, from the opening level at $71.89, and recorded the lowest level at $71.64, and Brent crude rose by 0.8% to the level of $76.5 per barrel, the highest since last July 14, from the opening level at 75.89 $, and the lowest level was recorded at $75.62.
When settling yesterday, US crude gained 1.6%, and Brent crude rose 1.7%, in the second consecutive daily gain, thanks to the weekly report of the US Energy Agency.
The US Energy Agency announced on Wednesday that commercial stocks in the country decreased by about 3.5 million barrels, during the week ending September 17, in the seventh consecutive weekly decline, exceeding experts' expectations of a decrease of about 3.3 million barrels.
According to these data, total commercial stocks in the United States decreased to about 413.98 million barrels, which is the lowest level since the week ending October 5, 2018.
The decline in US inventories to the lowest level in nearly three years, a strong sign of accelerating levels of demand and withdrawals in the largest consumer of fuel in the world.
As for American production, it increased last week by about 500,000 barrels per day, in the second consecutive weekly increase, bringing the total production to 10.6 million barrels, about 900,000 barrels less than normal levels, as the producing companies are still suffering from the damage caused by Hurricane Ida, which Hit the Gulf of Mexico.
US crude rose 0.9% to the level of $72.52, from the opening level at $71.89, and recorded the lowest level at $71.64, and Brent crude rose by 0.8% to the level of $76.5 per barrel, the highest since last July 14, from the opening level at 75.89 $, and the lowest level was recorded at $75.62.
When settling yesterday, US crude gained 1.6%, and Brent crude rose 1.7%, in the second consecutive daily gain, thanks to the weekly report of the US Energy Agency.
The US Energy Agency announced on Wednesday that commercial stocks in the country decreased by about 3.5 million barrels, during the week ending September 17, in the seventh consecutive weekly decline, exceeding experts' expectations of a decrease of about 3.3 million barrels.
According to these data, total commercial stocks in the United States decreased to about 413.98 million barrels, which is the lowest level since the week ending October 5, 2018.
The decline in US inventories to the lowest level in nearly three years, a strong sign of accelerating levels of demand and withdrawals in the largest consumer of fuel in the world.
As for American production, it increased last week by about 500,000 barrels per day, in the second consecutive weekly increase, bringing the total production to 10.6 million barrels, about 900,000 barrels less than normal levels, as the producing companies are still suffering from the damage caused by Hurricane Ida, which Hit the Gulf of Mexico.
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