2023-05-24 04:34:00
A sharp decline in crude oil and fuel inventories in the United States
Oil prices rose today, Wednesday, following data showed a decline in oil and fuel stocks 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.
Brent crude futures rose 77 cents, or 1%, to $77.61 a barrel by 04:15 GMT, while US West Texas Intermediate crude rose 86 cents, or 1.18%, to $73.77 a barrel.
Late Tuesday, data from the American Petroleum Institute showed a sharp decline in crude oil and fuel stocks in the United States, according to Archyde.com.
And market sources quoted the institute as saying that crude stocks fell by regarding 6.8 million barrels in the week ending May 19, gasoline stocks fell by regarding 6.4 million barrels, while distillate stocks fell by regarding 1.8 million.
Meanwhile, some countries of the “OPEC +” coalition began this month to implement production cuts. 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 and its allies, including Russia, may consider announcing more production cuts at a meeting on June 4.
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