BAGHDAD (Reuters) - Oil prices rose to more than $ 74 a barrel on Thursday, supported by an emergency halt to all Saudi oil exports through the shipping corridor in the Red Sea.
US crude futures for September delivery rose 0.5% to $ 74.31 a barrel, while US crude futures for September delivery settled at $ 69.31 a barrel.
Saudi Arabia, the world's largest oil exporter, has blocked shipments from the region after oil tankers in the Red Sea were attacked by the Houthis.
The US Energy Information Administration (EIA) announced yesterday that US inventories fell from expectations in the week ending July 20 to 404.9 million barrels, compared to an estimated 2.6 million barrels.
In terms of production, the US stabilized during the same period at the highest level in its history, recording 11 million barrels per day. Finished