Oil rises for third consecutive session

25/08/2022 Argaam

Oil drilling rigs

Oil prices rose for the third consecutive session today, Aug. 25, supported by US export data.

 

International benchmark Brent crude was trading up 0.74% at $101.97 per barrel, at 9:01 am Makkah time.

 

West Texas Intermediate (WTI) crude rose 0.52% to $95.38 a barrel.

 

The Energy Information Administration data showed shipments of crude and products, such as diesel, that were exported from the US last week rose to the highest level since 1991.

 

Additionally, investor sentiment strengthened after China's announcement of a $44 billion plan to support the economy in light of the real estate sector crisis and strict restrictions to confront COVID-19.

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