2023-07-19 00:57:00
© Archyde.com. Two oil pumps in Texas, in the United States, in a photo from the Archyde.com archive.
TOKYO (Archyde.com) – Global oil prices rose on Wednesday, supported by China’s pledge to support economic growth, cut Russian supplies and a weekly decline in US stockpiles.
And crude futures rose nine cents, or 0.1 percent, to 79.72 a barrel by 0010 GMT, while US West Texas Intermediate crude settled at $ 75.75 a barrel.
China’s National Development and Reform Planning Commission on Tuesday pledged to implement policies to “strengthen and expand” consumption in the world’s second-largest economy as consumers’ purchasing power continues to weaken.
Russia will reduce its oil exports by 2.1 million tonnes in the third quarter, the Russian energy ministry said, in light of a planned voluntary export cut of 500,000 barrels per day in August.
“Crude oil rose amid signs of further tightness in the market. Russia appears to be sticking to its pledge to cut supplies,” ANZ Research said in a note to clients on Wednesday.
Market sources said, quoting figures from the American Petroleum Institute on Tuesday, that stocks of crude oil, gasoline and distillate products in the United States all declined last week, with the drop in crude stocks amounting to regarding 800,000 barrels.
The market is awaiting the weekly inventory report from the US Energy Information Administration later on Wednesday, which is expected to show a decline in US crude oil inventories, which will provide more support for prices, according to an ANZ note.
(Prepared by Mahmoud Abdel-Gawad for the Arabic Bulletin)
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