Oil prices remained on the rise with the opening of the American market on Wednesday, to continue its gains for the second day in a row, after preliminary data from the American Petroleum Institute showed a new drop that exceeded expectations for crude stocks in the United States, and traders are awaiting later today, the official data within the weekly report of the Energy Agency. American.
American crude rose by 1.3% to the level of $ 71.78, from the opening level at $ 70.83, and recorded the lowest level at $ 70.67, and Brent crude rose by 1.4% to the level of $ 75.56 a barrel, from the opening level at $ 74.54, and recorded the lowest level at $74.51.
Yesterday, US crude gained 0.4%, and Brent crude rose 0.8%, in the first gain in the last three days, in light of the rise in most commodities denominated in US dollars.
In preliminary data, the American Petroleum Institute announced yesterday that commercial stocks in the country decreased by 6.1 million barrels during the week ending September 17, in the ninth consecutive weekly decline, exceeding experts' expectations of a decline of about 3.8 million barrels.
According to these data, total commercial stocks in the United States decreased to about 418.5 million barrels, which is the lowest level since the week ending September 27, 2019.
The decline in US inventories to the lowest level in 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 3.3 million barrels.
As for US production, it increased by about 100,000 barrels per day the previous week, bringing the total production to 10.1 million barrels, an increase less than expected, as producing companies are still suffering from the damage caused by Hurricane Ida, which hit the Gulf of Mexico.
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