Oil price hits four-week high due to falling US inventories

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The price of oil extended its gains during its trading today, Wednesday, on the European stock exchange, to continue its rise for the second day in a row, recording the highest level in four weeks, due to its impact on the unexpected decline in US crude stocks, against the background of the informal report announced yesterday by the American Petroleum Institute. An official inventory report is scheduled to be released later in the day.

The price of US crude oil recorded an increase, to record the price of $ 51.60 a barrel from the opening price of the trading session at $ 51.16, and it reached its highest level in four weeks at $ 51.67, while it recorded its lowest level at $ 51.10, and Brent crude also achieved a rise to record the price of 54.85 a barrel. dollar from the opening price at $54.23, and it reached its highest level in four weeks at $54.88, while recording its lowest level at $54.19.

oil priceThis support for oil prices comes after the American Petroleum Institute announced yesterday, Tuesday, its unofficial report on US inventories for the week ending on March 31, in which it indicated a decrease in the level of US stockpiles by 1.8 million barrels, to come in contravention of expectations that showed an increase in stocks by 200 thousand barrels. Which led to the market optimism about the US stockpile, which puts negative pressure on prices.

US crude oil “May delivery” concluded the trading session yesterday, with gains by 1.7%, after it stopped yesterday, and Brent contracts “June delivery” were able to gain gains by about 2.2%, and this is the largest gain achieved since mid-November/ November 2016.

Over the course of last week’s trading, oil prices rose to gain about 5.5%, and these gains are the largest in 2017. The reason for the strong gains is due to the rising odds that OPEC will extend the agreement to reduce global production levels for an additional six months after next June.

Today, the Energy Information Administration will release the official inventory report, amid consensus expectations for a decline of 0.1 million barrels.

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Mohamed Abdel Khaleq
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