US crude rose 2.16% upon settlement
Dubai – Al Arabiya.net
Posted on: July 18, 2023: 08:10 AM GST Last updated: July 18, 2023: 10:51 PM GST
Oil prices settled sharply higher on Tuesday, after falling in the previous session due to lower-than-expected growth in the Chinese economy, at a time when investors are expecting a decline in US crude supplies.
Brent crude futures rose $1.13, or 1.44%, to settle at $79.63 a barrel upon settlement. West Texas crude futures rose $1.6, or 2.16%, to settle at $75.75 a barrel.
Both benchmarks fell more than 1.5% on Monday, according to Reuters.
Investors are awaiting data from the sector later on Tuesday that is expected to show that crude oil and derivatives inventories in the United States likely fell last week.
Meanwhile, data from the Energy Information Administration showed yesterday, Monday, that shale oil production in the United States is expected to decline by about 9.4 million barrels per day in August, which will be the first monthly decline since December 2022.
However, global supplies may be boosted by the resumption of production in two of the three Libyan oil fields that were suspended last week in protest of the kidnapping of a former finance minister.
2023-07-18 18:51:57
#Oil #prices #Brent #crude #jumped #barrel
