Oil prices rose on Tuesday amid expectations of a drop in US commercial crude inventories, the world’s “biggest consumer of oil,” and gains dampened fears of oversupply amid OPEC and Russia production increases, as well as warnings about global economic growth and weak demand.
By 09:25 GMT US crude rose to $ 68.20 a barrel from the opening level $ 67.78, and recorded a high level of $ 68.31, and the lowest level of 67.57 $.
Brent crude rose to $ 73.15 per barrel from the opening level of $ 72.92 and recorded a high of $ 73.37 and a low of $ 72.69.
US crude oil lost 0.5% in yesterday’s trading, the second loss in three days, and Brent crude fell 0.1%.
Oil chart
Over the past week, oil prices have lost an average of 3.5%, their third weekly loss in a row, as renewed concern over the supply gap in the United States.
According to a Bloomberg survey, commercial crude inventories in the United States are expected to fall by about 3.1 million barrels for the week ending July 20, and storage center inventories in Cushing, Oklahoma, will fall by 900,000 barrels.
A preliminary report on US commercial crude inventories released by the US Petroleum Institute (API) was released later Wednesday and was released on Wednesday by the US Energy Information Administration.
The Bush administration will continue to press Iran, threatening further economic sanctions if its nuclear program is not abandoned, and the latest US sanctions on Iran’s oil supplies are due to take effect in November.
To meet the potential shortfall in Iran’s supply, the Organization of Petroleum Exporting Countries (OPEC), together with Russia, raised production levels from July to July by about 1 million barrels per day.
Finance ministers and central bank governors ended the G20 economic meeting in Buenos Aires over the weekend, calling for more dialogue between economic powers to prevent trade and political tensions that hurt economic growth.
“The growth of the global economy is still strong and unemployment is at its lowest level in more than 10 years. However, recent growth has been reduced with increasing negative risks in the short and medium term,” the group said.