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The rise in oil prices indicates a decline in US inventories

The rise in oil prices indicates a decline in US inventories

 

Oil prices rallied yesterday, supported by signs of a drop in US stocks and news that Saudi Arabia will cut supplying oil to some Asian buyers next month and cuts will increase to the United States.

Sources in Reuter’s news agency reported that Saudi Arabia, the world's largest exporter of oil, will cut crude supplies to its customers in Asia in July by 300 thousand barrels per day, which is the largest reduction of cuts in June. One source said that the quantities of the United States will be reduced by 35% over the next month.

Brent crude futures ended the session up in 4 cents, 0.3%, to settle at $ 48.29 a barrel, after rising 2% to $ 49.15.

While US crude futures rose 25 cents, 0.6 percent, to record $ 46.08 a barrel after recording

$ 46.71

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