Oil prices rose in Europe on Wednesday, extending for a fifth consecutive day, continuing to recover from a 10 month low, but prices remain under pressure from unofficial data showing higher US crude stocks. American Energy Information.
By 0935 GMT, US crude rose to $ 44.05 a barrel from the opening level of $ 43.67 and recorded a high of $ 44.17 and a low of $ 43.66.
Brent crude rose to $ 46.65 a barrel from the opening level of $ 46.17 and recorded a high of $ 46.68 and a low of $ 46.11.
US crude oil ended yesterday’s trading up 0.5 percent, the fourth consecutive daily gain, and international crude, “Brent crude” by 0.6 percent.
Last week, oil prices lost 3 percent, their fifth weekly loss in a row, among the longest weekly loss since July 2015, as concerns about global supply surged.
Prices on Wednesday hit a 10-month low after Libya’s output rose, Opec output increased and production accelerated in the United States.
US crude oil inventories rose by 0.81 million barrels for the week ended June 23, and experts forecast a 2.6 million barrel decline.
Traders are looking ahead to official stockpiles released by the US Energy Information Administration, with expectations for a 2.1 million barrel decline, the third consecutive weekly decline.
Most energy experts expect oil prices to remain in the range of $ 40 to $ 55 a barrel in the second half of this year, as rising US production slows the process of rebalancing the market