Oil prices rose during trading today, Wednesday, before the release of US inventory data, and with the follow-up to the developments in global demand for crude.
Eurasia Group said in a note quoted by Reuters, that the levels of oil demand in July appear weak in light of the slowdown in industrial production in China, and due to the floods that occurred there, And severe overcrowding in the ports.
She explained that the severe outbreak of the Corona virus in India at the beginning of this year continues to put pressure on the economy and travel behaviour.
In today's trading, Brent crude futures for October delivery rose 0.4% to $69.29 a barrel.
The US NYMEX crude contracts for September delivery also increased by 0.4% at the level of $66.84 per barrel.
According to data from the American Petroleum Institute, oil stocks fell by 1.2 million barrels for the week ending August 13.
The US Energy Information Administration will release official inventory data later today.
