Oil prices rise, recovering part of its losses, after US stockpile data

Crude oil prices rose during trading today, Wednesday, to compensate for a large part of its losses witnessed yesterday, and this came after it found support from unofficial data, which showed that crude stocks in the United States decreased to their lowest level in nearly three months, and this is waiting for investors later today. Official data due to be released by the US Energy Agency.

By 12:30 GMT, US crude rose towards the level of 46.42 US dollars a barrel from the opening level of the trading session at 46.20 dollars, and achieved its highest level at 46.54 dollars, while the lowest level was 46.00 dollars.

It is noteworthy that crude oil "June Delivery" had ended yesterday's trading, recording a decrease of 0.7 %, due to growing concerns about oversupply in the United States.

In unofficial data, the American Petroleum Institute stated yesterday that crude stocks in the country decreased during the past week by about 5.8 million barrels, while experts’ expectations were indicating a decrease of 1.8 million barrels, and according to this data, total stocks amounted to 547 million barrels, which is less level since the week ending on the twenty-fourth of last February, in a positive sign that confirms the improvement in demand levels in the largest oil consumer in the world.

At 14:30 GMT, investors are awaiting the official data on stocks, which is scheduled to be released by the US Energy Agency, and expectations indicated a decrease of 2.0 million barrels, the fifth consecutive weekly decline.

As for oil production in the United States, it reached 9.29 million barrels per day in the week ending on the twenty-eighth of April, which is the highest level of production since August 2015.

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Mohamed Abdel Khaleq

Professional technical and economic analyst in global financial markets since 2004, holder of an MBA from the American University in Cairo. He works as an economic writer and technical analyst for many international financial companies. He writes daily economic and technical analyzes for many Arabic and English websites specialized in the field of stock exchanges and financial markets.

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