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Oil prices stabilized on Wednesday, August 18, after four days of decline, while investors were still concerned about the prospects for strengthening the demand for fuel, as the use of railways, aircraft, and other forms of transportation remained restricted in light of the high incidence of Covid-19 around the world.
After approaching Tuesday’s close in early trade in Asia, Brent crude rose 23 cents, or 0.6%, to $69.67 a barrel by 9:39 GMT
US crude gained 24 cents, or 0.4%, to $66.83 a barrel.
In the US, more supplies are expected to reach the market if official forecasts prove to be correct.
US shale oil production is expected to rise to 8.1 million barrels per day in September, the highest level since April 2020, according to the monthly drilling report issued by the US Energy Information Administration.
