Oil prices rise for a seventh consecutive day on the back of the US supply slump


Oil prices rose in Europe on Tuesday, extending for the seventh day in a row, the longest daily gain since June, marking the highest level in 10 weeks, based on a drop in supply in the United States. To reduce the supply of the market.

By 09:05 GMT, US crude rose to $ 50.30 a barrel from the opening level of $ 50.18, and hit a record high of $ 50.41 since May 25 and a low of $ 50.12.

Brent crude rose to $ 52.80 a barrel from the opening level of $ 52.65 and recorded a high of $ 52.91 since May 25 and a low of $ 52.61.

US crude oil rose 0.7 percent yesterday, and Brent crude rose 0.8 percent, its sixth daily gain in a row.

In July, oil prices rose 8.3 percent, the first monthly gain in five months, and the biggest monthly gain this year, supported by signs of improved demand in the US and China, and the continued OPEC and independent producers to work to achieve balance in the market .

In the United States, according to data from the Energy Information Administration, crude stocks fell during the week ending July 21 to their lowest level in six months, and inventories have lost about 27 million barrels since the beginning of June.

Forecasts indicate inventories will fall by 4.4 million barrels during the week ending July 28, their fifth consecutive weekly decline, a sign that demand in the world’s top oil consumer is continuing to improve.

After the producers’ meeting in Saint Petersburg, Russia, Kuwait and the United Arab Emirates pledged to cut exports in the coming months in order to reduce supply in the market.

Russian Energy Minister Alexander Novak said he saw market rebalancing happening more quickly in the second half of this year