Oil is Rising Near $ 42, All Eyes on Libya and US Stocks

Oil prices rose to about $ 42 a barrel on Wednesday, September 23, after a report said that US fuel stocks declined, but the increase in crude oil supply and the high number of cases of Coronavirus, which increases concern about demand faltering limited the gains.

The American Petroleum Institute said gasoline and distillate stocks declined while crude stocks increased. The Energy Information Administration releases official data on stocks at 1430 GMT.

Brent crude was up 23 cents, or 0.6%, to $ 41.95 a barrel by 1035 GMT, after declining earlier in the session.

West Texas Intermediate crude rose 16 cents, or 0.4%, to $ 39.96 a barrel.

The two benchmarks fell more than 4% on Monday, the biggest decline in two weeks, but they rose on Tuesday.

Concerns about the demand for fuel were renewed with the rise in cases of Coronavirus in countries including India, France and Spain, along with the imposition of more restrictions in Britain, at a time when more supplies may enter the market from Libya.

And in the United States, where deaths due to the disease exceeded 200,000, the highest in the world.

The Organization of the Petroleum Exporting Countries (OPEC) is facing a new challenge, which is targeting OPEC, a member of the organization, which is exempt from production cuts, and increased supplies after a lull in the ongoing conflict in the country.