2023-05-24 01:22:00
© Archyde.com. An oil pump in Loco Hills, New Mexico, on April 6, 2023. Photo: Liz Hampton – Archyde.com.
(Archyde.com) – Oil prices rose on Wednesday following data showed a decline in oil and fuel inventories in the United States, in addition to increasing speculation regarding new production cuts by the OPEC + alliance, following a warning from the Saudi Energy Minister to speculators.
Crude futures rose 86 cents, or 1.1 percent, to 77.70 a barrel by 0007 GMT, while US West Texas Intermediate crude rose 88 cents, or 1.2 percent, to $ 73.79 a barrel.
Data from the American Petroleum Institute late on Tuesday showed a sharp drop in fuel and stockpiles in the United States.
And market sources quoted the institute as saying that crude stocks fell by regarding 6.8 million barrels in the week ending on May 19, gasoline stocks fell by regarding 6.4 million barrels, while distillate stocks fell by regarding 1.8 million.
Meanwhile, some OPEC + countries began implementing production cuts this month. Concerns grew regarding the possibility of announcing further cuts following Saudi Energy Minister Prince Abdulaziz bin Salman said he would keep short sellers, who bet that prices will fall, “in pain” and called on them to be “cautious”.
Some investors took this as a sign that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, may consider announcing more production cuts at a meeting on June 4.
(Prepared by Marwa Gharib for the Arabic Bulletin)
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