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Oil prices are on the rise after hitting their lowest levels in 2022

US Energy Information Administration U.S. crude production rose to 12.2 million barrels a day last week on Wednesday, the highest level since August.

And as I retired US crude inventories It went up last week petrol stocks and spirits, compounding concerns about declining demand.

The Energy Information Administration said the stocks benzene It grew 5.3 million barrels for the week to 219.1 million barrels, and inventories of distillates, including diesel and heating oil, increased by 6.2 million barrels.

But the data proved it Japanese economy The lower-than-expected contraction in the third quarter favored the increase Oil prices.

The easing helped too COVID-19 restrictions in Chinawhich is one of the largest consumers of crude oil in the world, in the stability of oil prices.

Meanwhile, a British Treasury official said officials in Western countries were in talks with their Turkish counterparts to find a solution to the waiting lines. Tankers turned off Turkey.

This came after the Group of Seven and the European Union imposed new restrictions on Russian oil exports on December 5.

At least 20 tankers are still experiencing further delays in transiting ports Russia From the Black Sea to the Mediterranean as operators race to comply with new insurance rules approved by Turkey this month.

price action

Crude oil futures are up Brent 71 cents, or 0.9%, to $77.79 a barrel by 0422 GMT, while it rose US West Texas Intermediate Crude Oil Futures 78 cents, or 1%, at $72.79 a barrel.

Brent fell below its lowest closing level on record this year, which it hit on the first day of 2022, on Wednesday, as U.S. crude fell to a new low, its lowest in a year.

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And she said US Energy Information Administration U.S. crude production rose to 12.2 million barrels a day last week on Wednesday, the highest level since August.

And as I retired US crude inventories It went up last week petrol stocks and spirits, compounding concerns about declining demand.

The Energy Information Administration said the stocks benzene It grew 5.3 million barrels for the week to 219.1 million barrels, and inventories of distillates, including diesel and heating oil, increased by 6.2 million barrels.

But the data proved it Japanese economy The lower-than-expected contraction in the third quarter favored the increase Oil prices.

The easing helped too COVID-19 restrictions in Chinawhich is one of the largest consumers of crude oil in the world, in the stability of oil prices.

Meanwhile, a British Treasury official said officials in Western countries were in talks with their Turkish counterparts to find a solution to the waiting lines. Tankers turned off Turkey.

This came after the Group of Seven and the European Union imposed new restrictions on Russian oil exports on December 5.

At least 20 tankers are still experiencing further delays in transiting ports Russia From the Black Sea to the Mediterranean as operators race to comply with new insurance rules approved by Turkey this month.

price action

Crude oil futures are up Brent 71 cents, or 0.9%, to $77.79 a barrel by 0422 GMT, while it rose US West Texas Intermediate Crude Oil Futures 78 cents, or 1%, at $72.79 a barrel.

Brent fell below its lowest closing level on record this year, which it hit on the first day of 2022, on Wednesday, as U.S. crude fell to a new low, its lowest in a year.

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