Update prices
Crude futures increased Brent 16 cents, or 0.2 percent, to $74.61 per barrel by 0025 GMT, while US West Texas Intermediate crude futures rose 17 cents, or 0.2 percent, to $70.84, according to Reuters data.
The two crude oil prices rose at settlement yesterday, Thursday, for the first time in five sessions, after data from management showed US energy information that Oil stocks Crude, gasoline and distillates in the United States fell last week.
But Energy Information Administration data showed that production American crude It reached a record high of 13.5 million barrels per day last week, which exacerbates fears of rising supplies with the resumption of Libyan production and with the Organization of the Petroleum Exporting Countries planning (OPEC) and its allies, in the group known as OPEC+to further ease production cuts in 2025.
Brent and West Texas Intermediate crude are heading to decline by about six percent this week, which is their largest weekly decline since September 2.
The weekly decline comes after it was cut OPEC The International Energy Agency and their forecasts for global demand for… Oil In the years 2024 and 2025, in addition to receding fears of a possible Israeli attack on Iran that might cause disruption to Tehran’s oil exports.
