Oil prices continue to rise as US inventories fall

International oil prices continued to rise for the fourth day in a row, after the release of a US report that indicated a decline in US stocks of crude oil and gasoline, which indicates the continued lack of supplies in the market.

Brent crude, the benchmark for global markets, rose by 0.8 percent, while West Texas Intermediate, the benchmark for US oil, continued to rise on Wednesday for the fourth consecutive day.

And the Bloomberg news agency indicated that the American Petroleum Institute, an institution that represents the interests of American oil companies, announced yesterday that the American stockpile of crude fell last week by 5.44 million barrels.

During today’s trading, the price of Brent crude rose by 0.8% to $74.15 a barrel for next November delivery, while the price of West Texas Intermediate crude rose by 0.6% to $70.89 a barrel for October delivery.


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