Oil prices rise after 4 days of decline

The prices of oil futures contracts recorded a significant increase during trading on Tuesday.

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Oil futures prices recorded a significant decline today, Wednesday, after 4 trading sessions of a steady decline, against the background of an American report that indicated a decline in domestic crude oil stocks in the United States.

The price of West Texas Intermediate crude, the benchmark for US oil, rose this morning by 0.3%, after falling by almost 4% during the past four trading days, which recorded the longest continuous decline period since last March.

And the Bloomberg news agency indicated today that the American Petroleum Institute announced yesterday that crude oil inventories in the United States decreased last week by 1.16 million barrels, including withdrawals from major storage depots in Oklahoma.

Later in the day, the US Energy Information Administration is scheduled to publish its weekly report on the position of oil and petroleum products inventories over the past week.

And Bloomberg indicated that global oil prices have lost in recent weeks the gains they made in the previous period, with the expansion of vaccination programs against the emerging Corona virus, which reinforced expectations of improved demand for oil and the resumption of economic activities.

The outbreak of the mutated delta strain, the most contagious of the emerging Corona virus, came to dispel hopes of a rapid recovery of the economy and energy demand, which led to a decline in oil prices.

The price of West Texas Intermediate crude rose by 0.3% to $66.81 a barrel in the trading of the New York Mercantile Exchange until 6:46 am London time.

The price of Brent crude, the benchmark for North Sea oil, rose by 0.4 percent to $69.27 a barrel, in the trading of the European ICE Futures Exchange.

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