The world economy..Oil prices are rising due to lack of supplies..and the appetite for risk is renewed
US crude stocks decreased by 3.5 million barrels.
archival - Reuters
Oil prices extended gains yesterday, boosted by fuel demand growth and a larger-than-expected drop in US inventories, as production in the Gulf of Mexico continued to be affected after two hurricanes.
The market was also supported by the return of appetite for risky assets, with the decline in concerns about the possibility of the giant Chinese real estate developer "Evergrand" defaulting on its obligations, and the possible repercussions of this on the second largest economy in the world.
West Texas Intermediate crude rose 25 cents, or 0.4%, to $72.48 a barrel, while Brent crude rose 26 cents, or 0.3%, to $76.45 a barrel.
And the two crudes jumped 2.5%, the day before yesterday, after data from the US Energy Information Administration showed that US crude stocks fell by 3.5 million barrels to 414 million barrels, in the week ending September 17, which is the lowest stockpile volume since October 2018, in a larger decline than Analysts forecast.
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