Oil prices rose on Wednesday, and Brent crude oil rose to more than $ 76 a barrel, the highest level since the end of 2018, following data showing declining stocks in the United States as a result of a return to travel, Reuters reports .
U.S. crude oil stocks fell 7.6 million barrels last week to 459.1 million barrels, the U.S. Energy Intelligence Administration (EIA) said, a much steeper drop than the 3.9 million barrels. barrels that analysts expected in a Reuters poll.
Stocks in Cushing, Oklahoma, the delivery point for US crude oil futures, fell 1.8 million barrels to their lowest level since March 2020.
Gasoline demand, in turn, rose last week.
“People are getting back into their cars and that’s in the numbers. This will keep up the pressure of rising prices,” said Phil Flynn, a senior analyst at Price Futures Group in Chicago.
Brent oil prices rose 87 cents, or 1.2 percent, to $ 75.68 on Wednesday, and after the release of EIA data reached $ 76.02, the highest level since October 2018. The middleman
West Texas Intermediate, a benchmark in the US, added 83 cents, or 1.1%, to $ 73.68 and reached $ 74.25, also the highest level since October 2018.
A depreciation of the US dollar has also boosted oil prices, making it less expensive for buyers of other currencies.
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