Yesterday, Friday, oil prices rose by more than 2 percent, after US data showed a decline in crude oil production, in exchange for an increase in demand for fuel.
Brent crude futures for June delivery rose $1.17, or 1.5 percent, to reach the level of $79.54 a barrel upon settlement, and the most traded contract for the month of July jumped by 2.7 percent, to the level of $80.33 upon settlement.
US West Texas Intermediate crude also increased by $2.02, or 2.7 percent, to reach the level of $76.78 upon settlement.
Although the two crude oil recorded daily gains, they fell for the second week in a row, and “Brent” crude recorded a decline for the fourth month amid the impact of disappointing US economic data and uncertainty about interest rates on demand expectations.
And the Energy Information Administration stated that US crude production decreased last February to 12.5 million barrels per day, which is the lowest level since December 2022, compared to an increase in fuel demand to nearly 20 million barrels per day, which is the highest level since last November.
Crude prices have declined over the past weeks and months in light of fears that interest rate hikes may lead to a reduction in demand, just as “Brent” crude fell by about 3 percent this week, after falling by about 5 percent last week, while “West Texas” crude declined. The median is about 1 percent this week, after falling by about 6 percent last week.
The month of April recorded a decrease in the price of “Brent” crude by less than one percent, while the price of “West Texas” crude rose by about one percent, recording the first monthly increase in six months.
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