Oil prices rose during today’s hours, as the market was characterized by fear of a lack of American oil supplies as a result of the exposure of the Florida coast to the tropical storm and Hurricane Idalia. The price of West Texas crude oil reached $82.61 per barrel, thus achieving its highest price in two weeks, and approaching the highest level. Since last November, the price of Brent crude has also risen to $86.02, thus approaching the highest level since the end of January.
Yesterday, the US Oil Inventories report for last week was issued by the Energy Information Agency. Inventories fell by -10.6 million barrels. This decline exceeds expectations, which means an increase in demand for crude, and this was one of the reasons for the rise in the price of oil.
At the same time, weak results appeared on the US jobs sector from ADP, which strengthened oil’s strength, as weak US economic indicators contribute to raising oil because it is a basic commodity that is priced in US dollars.
Earlier in the week, crude inventories issued by the American Petroleum Institute, which measures inventories for the previous week, also declined, and Hurricane Idalia threatens areas that the oil industry depends on in the United States, stopping work there until the danger to the lives of workers ends.
In the US stock market now, indices advanced at the beginning of the New York session, and the Dow Jones industrial index traded up 125 points, and the Standard & Poor’s 500 index continued to rise to the highest level in three weeks, and the Nasdaq technology index recorded an increase of more than 51 points.
