On Thursday, oil prices rose, continuing the gains from the previous session. This continued rise is mainly due to the decline in US oil inventories, in addition to the expected negative effects of the disruption of Iranian and Venezuelan oil supplies.
Crude oil futures rose 0.3% to trade at $ 77.45 a barrel, while US WTI crude futures rose 0.5% to trade at $69.85 a barrel.
Brent has risen by more than 9% since August 15 to reach its highest level since July 11, and the WTI is up more than 7% over the same period. Oil market analysts believe the main reason for the rise in oil prices is the decline in US inventories, coupled with the high demand for gasoline.
In the same context, the International Energy Agency believes that the world oil markets may be in short supply by the end of the year because of the high demand and high, as well as the concern that prevails in the markets of tensions over supplies in some of the crude-producing countries.
“There is certainly some concern that the oil markets may be in short supply by the end of this year, and then major importing countries such as India and others should be ready,” IAEA chief Fatih Birul said on Wednesday night.
He pointed out that the oil markets may see a decline in oil production due to the increasing demand for crude oil, in addition to the decline of Venezuelan oil production. Venezuela’s output has halved in the last two years alone. “Oil production in Venezuela is expected to fall further after halving in recent years,” he said.
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