Falling US crude stocks lift oil

Falling US crude stocks lift oil
Falling US crude stocks lift oil

Oil prices rose slightly (on Wednesday), recouping early losses, after US crude stocks fell unexpectedly, and stocks at the largest storage site in the United States reached their lowest level in three years.

The price of Brent crude futures rose 26 cents, or 0.3%, to $ 85.35 a barrel by 1448 GMT, close to its highest level in several years.

And US West Texas Intermediate crude futures for November, which expire today, Wednesday, increased 59 cents, or 0.7%, to $ 83.55 a barrel. December contracts rose 41 cents, or 0.5%, to $82.85 a barrel.

The US Energy Information Administration said: US crude stocks fell by 341,000 barrels in most days of the last week, contrary to expectations of an increase, while gasoline stocks plunged by more than 5 million barrels, with refiners reducing the pace of their work for maintenance.

The government agency said: Crude stocks at the delivery center in Cushing, Oklahoma, reached their lowest level since October 2018, and added that gasoline stocks had reached their lowest levels since November 2019.

Oil markets in general remain supported on the back of the global coal and gas crisis, which led to a shift to diesel and fuel oil for power generation.

Saudi Energy Minister Prince Abdulaziz bin Salman said users switching from gas to oil could represent a demand of between 500,000 and 600,000 barrels per day, depending on winter weather and related energy prices.

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