Oil prices rose during trading today, Friday, despite a slight rise of the dollar against most of the major currencies, and crude increased its gains, bringing “Brent” close to the level of $73 a barrel.
It should be noted that the Energy Information Administration announced yesterday that crude inventories in America fell by 1.5 million barrels to 423.9 million barrels last week, while analysts expected a decline of 7.4 million barrels.
And in a move unusual for many to hear, the Chinese government also revealed yesterday that it had decided to withdraw from its strategic oil reserves.
In a separate context, the dollar index rose - against a basket of major currencies - by 17:34 GMT, by 0.1% to 92.5 points, and recorded the highest level at 92.5 points and the lowest level at 92.3 points.
In terms of trading, US “NYMEX” contracts for October delivery rose by 17:28 GMT by 2.1% to $69.59 a barrel.
Brent contracts for November delivery rose 1.9% to $72.8 a barrel.
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