Oil prices rise as markets focus on US stock data

Oil prices have risen slightly after the release of a mixed report on US stock, at a time when traders continue to focus on the broader prospects for supplies, as the OPEC+ Alliance continues to increase production and expanding US production. Brent ruol rose nearly $ 66 a barrel after ending Tuesday’s trading without significant change, while the Western Texas -Tussentage rough settled more than $ 62. Last week, the US Petroleum Institute reported a 1.8 million barrel decrease at the storage center in Cushing, Oklahoma, in addition to a decrease in the stock of petroleum products, including gasoline. In contrast, oil supply has risen nationwide, but is still close to seasonal lows. Also read: Bloomberg: Saudi Arabia keeps the price of its most important crude oil to Asia unchanged for November. Expansion in US supplies. Crude oil is still under pressure from the expectation of an excess offer in the coming months, at a time when the OPEC+ Alliance production increases in an effort to regain its market share. In the United States, official predictions indicate that the production of domestic crude oil will reach a record level this year, supported by increased supplies of foreign fields. Meanwhile, the latest range of Ukrainian drone attacks on Russian oil infrastructure has reduced domestic refining operations and rose the export of crude oil. Also read: Record oil shippers wander through the oceans amid production boom. According to the data from the shipping detection monitored by Bloomberg, unprocessed crude oil flow has remained close to their highest levels over the past four weeks. “Unless the physical market shows signs of slowdown by rising stock, investors are likely to ignore the impact of production increases,” said Anz Group Holdings Ltd. -Analysts, including Daniel Haynes, written in a research note.