Oil continues to rise and touches $75 a barrel


Arabic and international

Economy News _ Baghdad

Oil prices rose on Wednesday, with Brent crude rising for the fifth consecutive session, as falling inventories and recovering demand encouraged investors.

Brent crude rose 64 cents, or 0.86 percent, to $74.63 a barrel by 05:18 GMT, after rising 1.6 percent on Tuesday.

US crude rose 57 cents, or 0.80 percent, to $72.89 a barrel, after rising 1.7 percent in the previous session.

Oil stocks fell 8.5 million barrels in the week ending June 11, according to two market sources, citing figures from the American Petroleum Institute on Tuesday.

Executives of top oil traders said Tuesday that they expect prices to remain above $70 a barrel and demand to return to pre-pandemic levels in the second half of 2022, after recovering across the United States, Europe and some large countries in Asia such as China.

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