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Crude Oil is on the rise again, supported by expectations of a drop in US stocks
Crude oil prices rose slightly during Tuesday's trading, after a significant drop yesterday. The recovery comes amid expectations of a drop in US inventories of crude oil, especially after the number of drilling rigs operating in the United States.
US crude futures traded at $ 63.12 a barrel, after hitting a high of $ 63.26 a barrel, while opening today's session at $ 62.86 a barrel, the lowest level at $ 62.86 a barrel.
Saudi Arabia, the world's largest crude exporter, is expected to cut all crude prices it sells to Asia in May. The pressure on the oil markets is due to the increase in supply in general, especially by the United States of America.
As for Russia, crude oil prices fell yesterday to pump the largest crude producer about 10.97 million barrels per day of crude in March, up from 10.95 million barrels per day in February, the highest level in 11 months.
The number of oil rigs in the United States fell last week by 7 rigs that would show a decline in US production levels, which helped crude oil prices recover again today with expectations of a drop in US inventories last week.
http://economy-news.net/content.php?id=11815
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