Oil prices continue to rise recording the highest level in 8 months

Oil prices rose during the European market on Wednesday to continue rise for the third consecutive day, marking the highest level in eight months, due to the US dollar decline to its lowest level in four weeks against a basket of currencies, in addition to the decline in crude stocks in the United States to the lowest level since April by American Petroleum Institute data.

Brent rose to $ 51.75 a barrel from the opening level of $ 51.43 and recorded the highest level of $ 51.81 the highest since 12th of October 2015 and the lowest level of $ 51.31.

By 09:02 GMT, US crude rose to $ 50.63 a barrel from the opening level of $ 50.41 and recorded the highest level of $ 50.65, the highest since October the 9th 2015 , and the lowest level of $ 49.43.

US crude oil "July delivery" yesterday rose 1.5 percent, the second daily gain in a row, and Brent, "August contracts" rose 2 percent, due to the US currency weaker dollar and expectations of lower global supply surplus during the second half of this year .

Oil prices achieved a rise of about 94 percent from their lowest levels in 12 years, which recorded in earlier trading this year, due to receding the glut of global supply concerns amid supply disruption from some countries within OPEC and outside the Organization , and lower shale oil production in the United States.

The dollar index fell 0.2 percent, extending losses for the second straight day, marking the lowest level in four weeks 93.67 points, in light of the continued sale of the US currency operations against most currencies after dwindling opportunities to raise US interest rates in the US"US Central US Federal Reserve" meeting mid-of next week , the weak dollar supports oil prices being priced in the US currency and depreciates for holders of other currencies.

American Petroleum Institute yesterday said that crude stocks in the United States fell by 3.6 million barrels for the week ending June the 3ed , to total 534.7 million barrels, the lowest level since the week ending the first of April last, and experts predicted decline in inventories by 2.7 million barrels.

Today, by 14:30 GMT released the official statements for crude inventories in the United States and by the US Department of Energy, and is expected to decline by about 3.2 million barrels to total 532.7 million barrels, the lowest level of inventories since the week ending the first of April last.