Oil continues its gains despite the increase in US inventories
Oil prices rose during trading today, Wednesday, continuing their gains, in light of optimism about Chinese demand, despite the increase in US inventories.
The government agency revealed that oil stocks in America increased by 2.4 million barrels to 455.1 million barrels, while expectations indicated an increase of two million barrels.
Gasoline stocks rose by five million barrels to 239.6 million barrels, while distillate stocks rose by about 2.9 million barrels to 120.5 million barrels.
In terms of transactions, US NYMEX crude futures for March delivery rose by 20:34 GMT, by 1.7%, to $78.4 a barrel.
Brent crude futures for April delivery rose 1.7% to $85.1 a barrel.
What's next for oil prices?
It is expected that oil prices will continue to rise in the coming period, especially after expectations made by the International Energy Agency, led by its director, Fatih Birol, who predicted that China’s reopening of its economy would revive demand, and therefore, producers would be forced to reconsider their production policies.