Oil approaches $75 at the settlement, the highest level since October 2018


Oil prices rose today, Wednesday, for the fifth day in a row, to approach the level of $ 75 a barrel, as US refineries withdrew more crude stocks to increase activity and meet the recovering demand.
The US Energy Information Administration said that crude stocks fell by 7.4 million barrels in the week ending June 11, as refinery operating rates rose to 92.6 percent, the highest level since January 2020 before the damage caused by the pandemic.
The decline in inventories was stronger than expected, also driven by exports in another indication of improving demand around the world.
Brent crude rose 40 cents, or 0.5%, to $74.39 a barrel, its highest level since April 2019, and extended its gains for the fifth consecutive day. US crude rose 3 cents to $72.15 a barrel, after hitting $72.99, its highest level since October 2018.
“With refinery consumption exceeding 16 million barrels per day and exports remaining strong, it will be difficult for inventories to avoid continued drawdown as we move towards the peak of the summer driving season,” said Matthew Smith, director of commodity research at Clipper Data.
Brent crude has advanced 44 percent this year, supported by supply cuts led by the Organization of the Petroleum Exporting Countries and its allies, as part of the OPEC + group, and the recovery in demand. OPEC + eased the unprecedented supply restrictions it adopted last year, but it still withholds millions of barrels of daily supplies from the market.


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