Wednesday 27/Aug/2025 – 08:22 PM
Raised Oil prices, Today, Wednesday, backed by a significant decrease than expected in the US crude stock and increasing fears of supplies as a result of geopolitical tensions.
Oil rises after the decline in US stocks and the escalation of geopolitical tensions
Brent crude futures rose by 0.6% to record $ 67.65 a barrel, while US West Texas Intermediate crude increased by 0.8% to $ 63.77, after they fell by more than 2% yesterday.
The US Energy Information Administration data showed that stocks decreased by 2.4 million barrels to 418.3 million barrels during the past week, while gasoline stocks and distillation products decreased by more than expectations.
Analysts also attribute the rise to the strong demand for fuel with the approach of the Labor Day in the United States, in addition to the impact of the new customs duties imposed by Washington on imports from India by 50% due to its purchase of Russian oil.
Fears also increased after Russia and Ukraine intensified mutual attacks on energy infrastructure, as well as Moscow modified crude export plans from its western ports, an increase of 200 thousand barrels per day during August.
