NEWS

Oil prices rose on Wednesday, after a jump in refining activity in the United States last week resulted in a larger-than-expected decline in gasoline and crude inventories. While markets evaluate the increasing possibilities of reaching a ceasefire agreement in Gaza with the resumption of negotiations later today.

US crude futures rose 69 cents, or 0.85%, to settle at $82.10 per barrel.

Brent crude futures gained 42 cents, or 0.5%, to reach $85.08 per barrel upon settlement.

The two crude oil prices fell by 3% in the previous three sessions, with indications emerging that the energy industry in the US state of Texas emerged relatively unscathed from Hurricane Beryl after it struck the region on Monday.

In addition, the US Energy Information Administration reported on Wednesday that crude oil inventories fell by 3.4 million barrels to 445.1 million in the week ending July 5, compared to the expectations of analysts polled by Reuters that they would decline by 1.3 million.

The administration stated that crude oil inventories at the delivery center in Cushing, Oklahoma, fell by 702 thousand barrels during the week.

Oil and gas companies resumed some operations yesterday, Tuesday. Some ports were reopened yesterday, Tuesday, and most producers and facilities intensified production, while some facilities were damaged and electricity was not fully restored.

Consumer prices in the world's second-largest economy rose for a fifth month in June, but fell below expectations, while producer prices continued to contract.

In the Middle East, negotiations aimed at reaching a ceasefire in the Gaza war are scheduled to resume in Doha, in the presence of the heads of the intelligence services in Egypt, the United States, and Israel.

Expectations of higher oil prices were also supported by the US Energy Information Administration's report yesterday, Tuesday, which showed that global demand for oil will exceed supply next year, in a retreat from previous expectations of a surplus.

Prices also received support from US Federal Reserve Chairman Jerome Powell's comments, which indicated that the justifications for lowering interest rates had become stronger. Interest rates would

Low levels stimulate more economic growth and thus more oil consumption.