Oil prices extended their rise with the opening of the American market on Wednesday to extend its gains for the fourth consecutive day, recording the highest level in six weeks, after preliminary data from the American Petroleum Institute showed a new decline in crude stocks in the United States, and traders are awaiting later today, the data Official in the weekly report of the US Energy Agency.
US crude rose 1.4% to $71.72, the highest since August 3, from the opening level at $70.74, and recorded its lowest level at $70.68, and Brent crude rose 1.25% to $74.80 a barrel, the highest since August 2 , from the opening level at $73.88, and recorded the lowest level at $73.80.
When prices settled on Tuesday, US crude rose 0.2%, and rose 0.3%, in the third consecutive daily gain, due to continuing concerns about the flow of crude supplies in the United States.
In preliminary data, the American Petroleum Institute announced yesterday that commercial stocks in the country decreased by 5.4 million barrels during the week ending September 10, in the eighth consecutive weekly decline, exceeding experts' expectations of a decrease of about 3.5 million barrels.
According to these data, total commercial stocks in the United States decreased to about 430 million barrels, which is the lowest level since the week ending October 4, 2019.
The decline in US inventories to the lowest level in nearly two years, a major positive sign of improving levels of demand and withdrawals 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 3.6 million barrels.
As for US production, it decreased by 1.5 million barrels per day last week, bringing the total production to 10.0 million barrels, due to Hurricane Ida, which disrupted about 95% of the production of the Gulf of Mexico region.
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