Oil prices are rising, supported by the lack of supplies, and expectations of an increase in demand for it, with the anticipation of the start of the summer season in the United States of America.
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Oil prices are rising
Oil prices rose today, Wednesday, supported by tight supplies and expectations of an increase in oil demand, with the start of the summer season in the United States of America, the largest consumer of crude.
By 6:19 GMT, Brent crude futures for July delivery rose 44 cents, or 0.4%, to $114 a barrel. Brent crude futures rose 0.1% on Tuesday
And record an increase for the fifth day, and the futures contracts for West Texas Intermediate crude for July delivery increased 51 cents, or 0.5%, to 110.28 dollars a barrel. The contract settled down 52 cents on Tuesday.
Global crude supplies continue to decline as buyers avoid oil from Russia, the second largest global exporter, in light of sanctions imposed on Moscow following its war in Ukraine.
And crude supplies in the United States are facing pressures with the Memorial Day holiday approaching at the weekend, as it is expected to witness the highest transfers in two years, which increases demand for fuel as more residents travel by cars and abandon caution associated with anti-Covid-19 restrictions. .
The US government will release crude and fuel stockpiles data on Wednesday.