World oil prices rose on the afternoon of July 9 as data showed that US gasoline and crude oil inventories fell and fuel demand increased.

Brent oil futures rose 27 cents, or 0.4%, to $74.39 a barrel. US crude oil (WTI) rose 39 US cents, or 0.5%, to reach $73.33 per barrel.

However, both oils are on track to drop more than 2% for the week. U.S. crude and gasoline inventories fell and gasoline demand hit the highest level since 2019, signaling a rapid economic recovery, the U.S. Energy Information Administration said.
US Energy Information Administration data showed that US crude inventories fell by 6.9 million barrels last week (ending July 2), to 445.5 million barrels. The figure exceeded analysts’ forecasts of a drop of 4 million barrels. Gasoline stocks also fell 6.1 million barrels last week, to 235.5 million barrels, more than the forecast for a 2.2 million-barrel drop.
Oil prices fell over the past week due to disagreements in discussions between major oil producers including Saudi Arabia and the United Arab Emirates (UAE) regarding an agreement to increase supply. Russia and Saudi Arabia expect to gradually increase oil production cautiously within the second half of 2021. However, the UAE refused to increase oil production to 400,000 bpd per month, according to Russia’s proposal. and Saudi Arabia.

Even as oil prices rise to $75 per barrel, US shale oil companies keep their commitment to stabilizing output.

Source: VITIC/Reuters

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