Oil prices rise after the decline in US unemployment and crude stocks

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After data showing a decline in US unemployment, oil prices are rising today, with US crude inventories declining 7.2 million barrels from a record high last week, far exceeding what analysts expected.

  • US West Texas Intermediate crude contracts rose 66 cents, or 1.66 percent, to $ 40.48 a barrel

Oil prices rose today, Thursday, after data showed a decline in US unemployment and a sharp drop in crude stocks, but concerns that a spurt in the emergence of Corona virus infections in the United States may hamper the recovery in fuel demand and curb gains.

US nonfarm payrolls increased by 4.8 million in June, the US Department of Labor said today, which exceeded expectations.

Brent crude futures were 78 cents higher, equivalent to 1.86 percent, and reached $ 42.81 a barrel, after rising 1.8 percent in the previous session.

US West Texas Intermediate crude futures increased 66 cents, or 1.66 percent, to $ 40.48 a barrel, after rising 1.4 percent on Wednesday.

US crude inventories fell 7.2 million barrels from a record high last week, far exceeding what analysts had expected, according to Energy Information Administration data, as refiners increased production and imports declined.

“The price of oil has ranged after OPEC did what it has to offer, to keep the main uncertainties in recovering demand,” said Harry Shillingorian, head of commodities research at BNP Paribas.

Crude also exceeded expectations for a drop in inventories, but gasoline stocks increased, which means that the recovery has stalled for at least a week, according to observers.
The new cases of coronavirus in the United States increased by nearly 50,000 on Wednesday, according to figures compiled by Reuters, the largest mutation of a day since the start of the pandemic in the country.

Data from the American Petroleum Institute showed, on Tuesday, that crude oil and gasoline stocks in the United States Recorded a drop It exceeded expectations last week, while distillate stocks rose.

A survey conducted by “Reuters” yesterday, Wednesday, concluded that the 13 members of the Organization of Petroleum Exporting Countries (OPEC) pumped 22.62 million barrels per day on average in June, down 1.92 million barrels per day from the revised figure for May. .





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