Rising oil prices are supported by a decline in US crude production and geopolitical tensions in the Gulf

Economy and stock exchange

Oil prices rose Thursday, with Brent crude futures trading at 72.39 and WTI at $ 62.31 a barrel.

The rise in oil prices today was supported by continued decline in US crude production, where production fell by about 100 thousand barrels per day at 12.100 million barrels per day, last week as the US crude stockpiles increased, according to the announcement of the US Energy Information Administration, The stock is 5.4 million barrels, reversing expectations of a drop of 800,000 barrels.

Oil prices supported the International Energy Agency's announcement on Wednesday evening that estimates of world oil demand growth will drop by 90,000 bpd this year, pointing out that the world will need a very small additional amount of oil from the Organization of Petroleum Exporting Countries [OPEC] this year, That demand growth in 2018 was 1.2 million barrels per day according to estimates, and global demand for oil will average on average 100.4 million barrels per day in 2019, exceeding 100 million barrels per day for the first time.

As for what is happening in the Gulf region and the Middle East, geopolitical tensions and oil prices have reinforced Saudi Arabia's announcement that booby-trapped aircraft hit two oil pumping stations in the kingdom two days after two Saudi oil tankers were sabotaged off the coast of the United Arab Emirates and targeted oil tankers. United Arab Emirates Regional Water.

The Organization of the Petroleum Exporting Countries [OPEC] announced on Tuesday evening that global demand for its oil will rise more than expected this year as supply growth for rivals such as rock producers in the United States has slowed, pointing to a more desperate market if the Organization fails to increase production. .