Oil prices rose more than 1 percent on Wednesday to increase the profit of the past few days as the US government has reduced its crude oil production for next year and that fuel supply fell.
Brent futures oil rose by 60 cents or 1.3 percent to $ 48.12 per barrel from 0657 GMT, while the American West Texas Intermediate (WTI) crude oil futures was $ 45.72 per barrel, The 68 cents or 1.5 percent.
Both were on Tuesday higher by 1.4 percent
“The oil price rose overnight … because the IT energy agency lowered the forecast for US production in 2018 and data API showed other large-scale inventories,” said William O’Loughlin, an investment analyst in Australian Rivkin securities.
Oil reserves in the United States a week decreased by 8.1 million barrels during the period from 7 to 495.6 million US dollars, according to the American Petroleum Institute, (API), the indicator is a long-term fuelling requirement began to decline.
“Brent and WTI scale held an impressive collection of … … as the American Petroleum Institute released a giant 8.8 million barrels in the deduction of shares,” said Jeffrey Halley, senior market analyst futures brokerage firm OANDA in Singapore.
“All eyes will make official US crude inventory numbers tonight,” he added
Report weekly oil state by the US government of information on energy (EIA) is scheduled to be released after 1030th East (1430 GMT) on Wednesday.
Also, adding the upward pressure on prices, the EIA is expected late Tuesday on the emissions of crude oil in 2018 to 9,900,000 barrels a day (bpd) of 9.3 million barrels a day this year, which is an increase Of 570 thousand barrels per day. This is a decline in last year’s forecasts for 680,000 bpd over the same period last year.
Despite a slight revision downwards, the US production is still ready to break the record of 9.61 million barrels a day in June 2015.
At the same time, the output of the Organization Petroleum Exporting Countries (OPEC) is still high despite a commitment that led a group of producers to market consumption since January this year to March 2018 exacerbated market and increased prices.