bullish oil
Oil prices rose during trading Thursday, following two sessions of decline, as risk appetite rebounded and the dollar stabilized, and crude maintained its gains despite a sudden rise in US inventories.
And news agencies reported that the Chinese government is considering approving a $220 billion spending plan aimed at stimulating economic growth.
And the Energy Information Administration announced that crude stocks in the United States rose by 8.2 million barrels to 423.8 million barrels last week, while analysts expected a decline of regarding 1.2 million barrels.
On the other hand, America and its allies are discussing the possibility of capping the price of Russian oil between 40 and 60 dollars a barrel in order to reduce Moscow’s revenues from crude exports.
At the close of trading, US West Texas crude for August delivery rose by 4.3%, or regarding $4.20, to $102.73 a barrel. Brent crude futures for September delivery rose 3.9%, or regarding $3.96, to $104.65 a barrel.