Oil prices continued to rise with the opening of the American market on Tuesday, rising by about 1.5%, on the way to achieving the first gain in the past four days, in light of expectations that preliminary data from the American Petroleum Institute will show a continued decline in crude stocks in the United States, the largest consumer of fuel in the world. .
US crude rose about 1.5% to the level of $ 71.46, from the opening level at $ 70.43, and recorded the lowest level at $ 70.39, and Brent crude rose by more than 1.1% to the level of $ 75.16 a barrel, from the opening level at $ 74.41, and recorded the lowest level at $74.22.
When prices were settled on Monday, US crude lost 1.9%, and Brent crude fell 1.6%, in the third consecutive daily loss, due to growing concerns about the Chinese economy, the second largest consumer of fuel in the world.
Other than recovering from the lowest level in a week, global oil prices are currently rising, thanks to the decline in the levels of the US currency against a basket of global currencies, and the rise in most commodity and metal prices, denominated in US dollars.
Later today, preliminary data on crude stocks in the United States will be issued by the American Petroleum Institute, amid expectations of a decline in stocks for the ninth week in a row. Tomorrow, Wednesday, official data will be released by the American Energy Agency.
According to a report last week by the Petroleum Institute, US crude inventories fell to the lowest level in nearly two years, in a major positive sign of improving demand and withdrawal levels in the largest consumer of fuel in the world.
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