The Organization of Arab Petroleum Exporting Countries published the weekly developments in the global oil markets, in light of the Russian-Ukrainian crisis, as crude oil futures prices rose for the second week in a row, heading towards recording their first monthly gains since May 2022.
And oil prices were supported by growing hopes for demand growth, in light of the rise in US crude oil exports to an all-time high, and the stability of US oil refineries operating rates at the highest level recorded at this time since 2018.
US gasoline stocks fell more than expected, with domestic demand rising for the second week in a row.
The US dollar index fell to its lowest level in nearly four weeks, making crude oil less expensive in other currencies.
Positive economic data from the USA – the world’s largest economy, and Germany – the largest in Europe, despite high inflation.
And the decline in the number of oil rigs operating in the United States of America, down from its highest level since March 2020, is an early indication of future production.
Oil prices were negatively affected by both fears of weak demand in China, against the backdrop of the expansion of restrictions related to the Zero – Covid policy, and the real estate sector crisis. As well as a decline in Chinese oil imports during September 2022 due to the decline in the activity of independent refineries.
US commercial crude oil inventories rose more-than-expected to reach their highest levels since July 2021, with continued drawdowns in strategic stocks, which hit their lowest level since May 1984.