Oil is close to $ 75 at the settlement and records a multi-year peak | latest news

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Oil prices rose on Wednesday, June 16 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, with refinery operating rates rising to 92.6%, the highest level since January 2020 before the damage caused by the Corona virus.

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 three cents to $72.15 a barrel, after hitting $72.99, the highest level since October 2018.

Brent crude has risen 44% 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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