Oil prices rose on Friday as attempts to resume gains, which were temporarily suspended yesterday by profit-taking and correction after the International Energy Agency (IEA) monthly report, focused on slowing supply in the United States after trade stocks fell to their lowest level in three and a half years, In addition to the decline in oil production from its standard level.
By 08:00 GMT US crude rose to $ 69.05 a barrel from the opening level $ 68.80, and recorded the highest level of $ 69.11, and the lowest level of $ 68.69.
Brent crude oil rose to $ 78.55 per barrel from the opening level of $ 78.43 and recorded a high of $ 78.60 and a low of $ 78.10.
US crude lost 2.1% in yesterday’s first three-day loss on correction from a week high of $ 71.25 per barrel. Brent contracts lost 1.6%, the first loss in five days, after the previous day’s highest In four months $ 80.10 a barrel.
The International Energy Agency (IEA) said in a monthly report on the oil market on Thursday that the world supply of oil hit a record level last August at 100 million barrels per day.
The agency attributed the record rise to an increase in OPEC output to a nine-month high and an increase in non-OPEC supply led by the United States.
OPEC production in August rose to 32.63 million barrels per day, the highest level in nine months, despite lower production in Venezuela and Iran, and non-OPEC supply increased by 2.6 million bpd in August led by the United States.
The IAEA expects non-OPEC production to grow by 2 million barrels in 2018 and 1.8 million barrels in 2019.
In the course of the week, global oil prices rose by an average of 2%, achieving the third weekly gain in a month, with traders focused on the slowdown in supply in the United States, and with the global fears of global trade.
The US Energy Agency announced on Wednesday that the country’s commercial inventories fell by 5.3 million barrels in the week ending September 7, exceeding experts’ expectations of a drop of 1.3 million barrels, the fourth consecutive weekly decline.
According to the data, total US commercial inventories fell to 396.1 million barrels, the lowest level since February 2015, in a positive sign of demand levels in the world’s largest oil consumer.
For the US production, the agency announced last week’s decline of 100,000 barrels per day, the first decline in five weeks, bringing the total to 11 million barrels per day to 10.9 million barrels.
Oil traders are closely watching the hurricane of Florence, which is preparing to hit the US east coast on Friday, which threatens to disrupt fuel supplies in North Carolina.