Brent Crude Jumps To $ 48.24 A Barrel

Baghdad  The price of oil rose for the fourth consecutive session, to $ 48.24 a barrel, and the market ignored a report that showed that US crude inventories rose more than expected.

This continues the rise of oil, supported by hopes that a vaccine for Covid-19 will support the demand for oil.

Brent crude rose 38 cents, or 0.8%, to 48.24 dollars a barrel, after a 4% rise in the previous session.

West Texas Intermediate crude rose 27 cents, or 0.6%, to $ 45.18, after gaining more than 4%. Both contracts are at their highest levels since early March, and have risen about 9% in the last four sessions.

The oil market completely ignored the unexpected increase of 3.8 million barrels in the oil stockpile data released by the American Petroleum Institute .


Source: National Iraqi News Agency