Oil rebounds, US demand persists

Oil prices rose on Thursday, driven by lower US commercial inventories, evidence of strong demand in the United States.

This unexpected fall took precedence over concerns about the outlook for the global economy and a possible return of Iranian oil to the market.

A barrel of Brent North Sea crude for October delivery gained 1.63% to $95.17 around 9:15 a.m. GMT.

A barrel of US West Texas Intermediate (WTI) for September delivery rose 1.40% to 89.34 dollars.

Down 8.3% for Brent and 7.3% for WTI over the month, crude prices erased their early gains from the Ukraine invasion.

After reaching their lowest levels since January-February, i.e. before the war in Ukraine, at the beginning of the week, in the wake of Chinese economic indicators at half mast, prices started to rise again with the publication of weekly data on stocks. Americans.

During the week ended August 12, crude inventories fell by 7.1 million barrels to 425 million and those of gasoline fell by 4.6 million barrels, according to the US Information Agency. energy (EIA).

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