Oil prices rise on supply concerns

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Oil prices rose today, for the fourth day in a row, due to concerns about global supply, following two hurricanes in the United States, but the first sale of government crude reserves in China temporarily limited this rise.

Brent crude rose 12 cents, or 0.2 percent, to $ 77.37 a barrel, after reaching its highest level in two months on Thursday and closing at its highest level since October 2018. The price of US oil rose six cents, or 0.1 percent, to $ 73.36 a barrel, after closing 1.5 percent higher in The previous session was at its highest level since the beginning of August, according to what was published by “Reuters”.

Data from the US Energy Information Administration this week showed that stocks fell to their lowest levels in nearly three years after damage from two hurricanes sent clouds high in the United States.

Prices fell briefly on Friday after the first public sale of state reserves in China. State-owned PetroChina and Hengli Petrochemical Corporation bought four shipments totaling about 4.43 million barrels, sources familiar with the purchase auction said.

Woodmack analysts said just before the auction that it would have little impact on the market due to the volume of sales relative to China’s consumption and imports.





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