Oil rises after losing nearly 6% over 2 sessions

Oil drilling rigs

Oil prices rose today, April 27, after losing nearly 6% over the past two sessions, amid concerns over demand and global economic growth.

International benchmark Brent crude was trading up 0.55% at $78.12 a barrel, at 09:02 am Makkah time.

West Texas Intermediate (WTI) crude rose 0.45% to $74.62 a barrel.

Meanwhile, the dollar index – which measures its value against a basket of major currencies – fell by 0.15% to 101.32 points, which relieved pressure on commodity prices denominated in the US currency.

The data from the Energy Information Administration revealed that crude oil stocks fell in the United States, by about 5.1 million, against expectations of a decrease by 1.4 million barrels.

Separate data showed that the average oil production in the US amounted to 12.2 million barrels per day in the week ended April 21, compared to 12.3 million barrels per day in the previous week.

However, America's oil exports increased by 248,000 barrels to reach 4.819 million barrels per day, and imports increased by about 81,000 to 6.376 million barrels per day.