Oil prices rose because of decreasing in US crude oil reserves


Oil prices rose in the European market on Wednesday, extending for a second straight day from a three-week low, based on a drop in US crude inventories, according to API data, the lowest level since October 2016. With operations returning to normal.

At 09:10 GMT, US crude rose to 47.80 USD a barrel from the opening level of 47.68 USD , recording a high of  47.92 USD and a low of  47.62.

Brent crude rose to  51.15 USD a barrel from the opening level of  50.96 USD and recorded a high of  51.28 USD and a low of  50.90 USD

US crude oil for September delivery rose 0.4 % after hitting a three-week low of  47.01 USD  a barrel earlier. Brent crude futures for October contracts rose 0.6 %, rebounding from 50.01 USD a barrel. The lowest since July 25.

In unofficial data, the American Petroleum Institute announced yesterday that crude inventories in the country fell by 9.2 million barrels for the week ending August 11, and experts forecast a 3.6 million barrel decline, the second weekly decline in a row.

According to the data, total inventories fell to 496.7 million barrels, the lowest level since the week ending October 14, 2016, in a strong sign of demand levels in the world’s largest oil consumer.

Traders are looking forward to official stockpiles released by the US Energy Information Administration (EIA) later in the day, with expectations of a 3.0 million-barrel decline, the seventh consecutive weekly decline.

In Libya According to some sources rose crude oil production in the field of spark to 230 thousand barrels per day of 200 thousand barrels per day on Sunday, with the return of operations to normal levels, amid the decline of security threats, and the production of the field last week, 300 thousand barrels per day