Oil Continues to Rising For 4th Day in a Row on Supplies Concerns

Oil prices continued to rise for the fourth consecutive day due to global supply concerns following two hurricanes in the United States, but the first sale of government crude reserves in China temporarily limited this rise.

Brent crude rose 12 cents, or 0.2 percent, to $ 77.37 a barrel, after reaching its highest level in two months on Thursday and closing at its highest level since October 2018.

The price of US oil rose six cents, or 0.1 percent, to $ 73.36 a barrel, after closing up 1.5 percent in the previous session, its highest level since the beginning of August.

And US Energy Information Administration data this week showed that stocks fell to their lowest levels in nearly three years after damage from two hurricanes sent clouds high in the United States.

Prices fell briefly on Friday after the first public sale of state reserves in China.

State-owned PetroChina and Hengli Petrochemical Corporation bought four shipments totaling about 4.43 million barrels, sources told Reuters.