Oil Prices Rise Thanks to an Expected Drop in US Crude Stocks

Oil prices rose on Tuesday, July 13 to compensate for most of the losses it incurred the previous day, as the market received support as a result of tight supplies, along with expectations of more withdrawals from US crude stocks, but fears of the spread of Covid-19 strains curbed the gains.

Brent crude for September delivery rose 0.5%, or 36 cents, to $75.52 a barrel.

The price of US crude was $74.45 a barrel, an increase of 35 cents, or 0.5%.

A preliminary poll conducted by Reuters on Monday revealed that US crude stocks are expected to decline for the eighth consecutive week, and gasoline stocks are also expected to decline.

Crude stocks have been falling steadily for several weeks, while US stocks fell to their lowest level since February 2020 in the week ending July 2.