Oil prices rise with anticipation of the supply situation and global market movements
Oil prices on Wednesday, after falling to the lowest level in a month during the previous session, supported by investors’ assessment of the Global supplies.
And Brent crude settled by 65 cents, or 1.04%, to reach $63.13 a barrel, while US West Texas Intermediate crude rose by 70 cents, or 1.21%, to reach $58.65.
US Energy Information Administration data showed that crude inventories rose by 2.8 million barrels to 426.9 million barrels last week, compared to analysts’ expectations of an increase of only 55 thousand barrels, which It enhances indicators of abundant supply.
Baker Hughes announced that American energy companies reduced the number of drilling rigs by 12, bringing the total to 407 rigs, which is the lowest level since September 2021.
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