Oil continues its big rally after US crude stocks fell again, and investors tracked a broad rally in energy commodities.
According to Arab Net, West Texas Intermediate crude rose 0.4% above $72 a barrel, after exceeding $73 on Wednesday, reaching its highest intraday level since early August. The global benchmark Brent crude is trading above $75.
US crude stocks fell by more than 6 million barrels last week to a two-year low, according to government figures. This exceeded expectations, and followed the disruption of local production due to Hurricane Ida.
Oil prices have rebounded since mid-August, with US crude on track to achieve gains for the fourth consecutive week.
And stocks are running low, as coronavirus vaccination programs allow economies to reopen, helping to restore mobility. The loss of US production from the Ida strike more than two weeks ago was compensated by an increase in the production of the Organization of the Petroleum Exporting Countries (OPEC) and its allies.
High oil prices coincided with rapid advances in natural gas, which rose in the United States and Europe. Coal and electricity prices also rose. An increase in natural gas could seep into oil as tight stocks leave markets vulnerable, according to Goldman Sachs Group Inc.
