Oil prices rise with falling inventories and positive expectations for demand

Oil prices surged on Wednesday, boosted by data showing a larger-than-expected drop in crude storage in the United States, the world’s largest consumer of fuel, and predictions of a resurgence in demand as vaccines are expanded.

The dip in China’s crude oil consumption in August, together with the lowest refinery operating rate since May and a drop in industrial production, according to “Reuters,” curbed the oil price rises.

Brent crude had risen 49 cents, or 0.7%, to $74.09 by 0524 GMT, while US West Texas Intermediate crude had risen 48 cents, or 0.7%, to $71.94.

Stocks of crude oil, gasoline and distillates fell last week, two market sources said, citing figures from the American Petroleum Institute, citing figures from the American Petroleum Institute.

In the week ending September 10, crude stockpiles declined by 5.4 million barrels. Production was forecast to drop by 3.5 million barrels on average, according to analysts.

After the spread of the mutated delta strain of the Corona virus and the renewal of restrictions imposed to combat the pandemic, the International Energy Agency said that the distribution of vaccines against Covid-19 would fuel a recovery, after global demand for oil fell for three months due to the spread of the mutated delta strain of the Corona virus and the renewal of restrictions imposed to combat the pandemic.