Oil prices rise near four-year highs

Oil prices rise near four-year highs

Oil prices rose during trading on Wednesday in the European market to resume gains, which stopped temporarily during yesterday's trading within the correction and profit taking, to trade again near the highest levels in four years and the record earlier in trading, and this recent rise in prices comes amid Continued to focus on the possible decline in supply in the market, especially as the United States is ready to impose new economic sanctions on Iran starting next November, overshadowed by the impact of the preliminary data of the American Petroleum Institute, which showed the rise in crude stocks in the United states for the third consecutive week.

By 09:22 GMT, US crude was up around $ 75.40 a barrel from $ 75.06 and hit a high of $ 75.55 while a low of $ 75.06.

Brent crude rose to 85.10 US dollars a barrel from the opening level at 84.76 dollars and achieved a high level of 85.31 dollars, while the lowest level 84.67 US dollars.

US crude ended yesterday's trading down 0.6%, marking its first daily loss in four sessions. This was due to the correction and profit taking after recording a four-year high of 75.89 US dollars a barrel in early trading. Brent closed the trading session also down by 0.4% in loss, the first in five sessions, after recording at the previous meeting level of 85.44 US dollars a barrel, the highest since November 2014.

Over the course of last week, global oil prices rose by 4%, marking the third weekly gain respectively, as the market continued to focus on the prospects of Iranian oil supplies after the US sanctions in November.

In September, oil prices rose by 5.2%, marking their second straight monthly gain, as concern over oversupply in the market subsided after Iran's oil supplies actually declined in recent times. "To the demands of US President Donald Trump to increase production and lower prices.

A number of important data for Bloomberg showed that crude oil shipments from Iran, OPEC's third-largest oil producer, dropped to 1.72 million bpd in September, a drop of 260,000 bpd compared to the same month last year.

The total of exported Iranian crude last month was the lowest of Iranian exports since February 2016, especially as the major Asian countries continued to respond to US demands to stop the import and reduction of Iranian oil, led by South Korea and Japan, and India has begun to reduce its purchases of Iranian crude.

With the US sanctions coming into force starting next November, Iran's oil supplies will be further reduced, leading to supply shortfalls in the market. The United States is therefore trying to compensate for the potential shortfall, whether by domestic production or by pressing OPEC and Russia to increase Production and price reduction.

In the United States, the US Petroleum Institute said in its unofficial report released on Tuesday that crude inventories in the country rose by 0.9 thousand barrels for the week ended September 28, the third weekly rise respectively, in contrast to the expectations of experts who were referring to A rise of about 1.9 million barrels.

According to the data, the total US commercial inventories rose by 400.9 million barrels, but remained close to the lowest level in more than three years.

Investors are looking for an official report on stockpiles and production levels, the most credible of the markets, to be issued by the US Energy Agency. The outlook for inventories is expected to rise by 1.1 million barrels, the second straight weekly gain.

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