The high oil prices for the second day support the fall in US stocks

Oil prices rose for the second consecutive day after a report indicated another decline in US oil supplies. Brent prices exceeded $ 77 a barrel after rising by 1% on Tuesday, while interim prices in Western Texas traded nearly $ 75 a barrel. The US Petroleum Institute report showed that shares fell by 4 million barrels last week, which could be the seventh drop in a row, representing the longest series of declines in three years if it was confirmed by the government’s data later Wednesday. The weather increases the question. Oil prices rose on Tuesday after it delivered previous losses as the cold weather in the United States increased the demand for heating fuel, increasing the risk of production in production areas, while Northern Europe also prepared for snow and ice. Futures started 2025 due to the purchase at technical support levels, after prices have broken a series of months, although many analysts are still warning later this year against a surplus in the market, and technical indicators have shown that the height may have reached its range. “The cold fronts in the United States and Europe pay oil prices, with some support for concerns about the loss of Iranian barrels if the Trump administration dies the sanctions,” Vanda Insights said in Singapore. She added: “It seems oil has been purchased excessively, and it may fall as a result of profit that is by profit, although it needs a reminder of the winds opposite the world economy.” Referring to the narrow supplies, Russian data showed that the oil production was less than the goal in “Opec+” last month, after the maritime exports dropped to the lowest level since August 2023. Meanwhile, the ports in the eastern Chinese Shandong County were warned, the most important destination of Iranian oil, to allow shipping rights on which the United States impose sanctions in the bombing. The data of the US Petroleum Institute indicated that the shares in “Cutting”, the delivery point for the US oil, have dropped by 3.1 million barrels, which can push it to the lowest level since 2014 if confirmed.