Oil prices remained on the rise with the opening of the US market on Friday to extend its gains for the fourth consecutive day, recording the highest level in two months, on the verge of achieving the fifth consecutive weekly gain, thanks to hopes of improving global demand for fuel, especially demand in the United States, the largest oil consumer in the world. The world, in conjunction with the failure of OPEC Plus supplies to reach the levels set during the recent period.
US crude rose about 0.6% to the level of $ 73.64, the highest since last July 30, from the opening level at $ 73.23, and recorded the lowest level at $ 73.00, and Brent crude rose by 0.6% to the level of $ 77.72 a barrel, the highest since July 6 Last July, from the opening level at $77.26, and recorded the lowest level at $76.96.
When prices were settled on Thursday, US crude gained 1.75%, and Brent crude rose 1.7%, in the third consecutive daily gain, supported by global demand hopes, and the US dollar's decline against a basket of global currencies.
In terms of trading this week, global oil prices are up by an average of 2%, on the verge of achieving the fifth consecutive weekly gain.
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.
The agency also announced a rise in capacity utilization rates in East Coast refineries in the United States to 93%, which is the highest level since May 2019, in a sign of strengthening consumption levels in the country.
On the other hand, some members of the OPEC Plus alliance struggled to increase production to the planned levels during August and September, due to lack of investment and delays in maintenance work during the worst health crisis in nearly 100 years.
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