Oil rises thanks to hopes of economic recovery and the decline...

Oil rises thanks to hopes of economic recovery and the decline...
Oil rises thanks to hopes of economic recovery and the decline...

Oil prices rose by more than a dollar a barrel on Thursday, supported by a state of optimism about the pace of global economic growth despite the Corona pandemic, as well as due to the decline in US crude stocks.

Brent crude rose $1.78, or 2.5 percent, to $73.37 a barrel by 1543 GMT. US West Texas Intermediate crude rose $1.92, or 2.8 percent, to $70.51 a barrel.

The number of Americans filing new claims for unemployment benefits fell last week, while the layoff rate in August fell to its lowest level in more than 24 years, indicating labor market activity despite new Covid-19 infections.

The Organization of the Petroleum Exporting Countries and allied producers, including Russia, a cartel known as OPEC+, raised demand forecasts for 2022, in a sign of optimism about the global economic recovery.

And “OPEC +” agreed yesterday, Wednesday, to continue the policy of phasing out record production cuts by adding 400,000 barrels per day each month to the market.

But “OPEC +” raised its demand forecast in 2022 while also facing pressure to accelerate production increases from the administration of US President Joe Biden, which said it was “happy” that the group reaffirmed its commitment to increasing supplies.

The US Energy Information Administration said yesterday that US crude stocks fell by 7.2 million barrels, and that the supply of oil products provided by refiners increased to a record level, despite the increase in Corona virus infections across the country.

Source: agencies

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