Oil prices rose 2% at the end of trading today, Wednesday, August 9 (2023), to continue to reap gains for the second consecutive session, amid fears of a supply shortage.

The decline in supply caused by production cuts by Saudi Arabia and Russia offset fears of slowing demand from China, the largest importer of crude, and a report showing an increase in US oil stocks.

The weekly report, issued by the US Energy Information Administration, showed an increase in crude oil inventories by about 5.9 million barrels, during the week ending August 4, bringing the total to 445.6 million barrels.

During its meeting on Tuesday, the Saudi Cabinet affirmed its support for the precautionary measures taken by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC +, to achieve stability in the oil market.

Oil prices ended their trading yesterday, Tuesday, August 8, with an increase of more than 1%, exceeding the losses of the Tuesday session, with the release of Chinese import and export data during last July.

At the end of the session, Brent crude futures contracts – October 2023 delivery – rose by 1.6% ($ 1.38), to reach $ 87.55 a barrel.

At the same time, US West Texas Intermediate crude futures – for September 2023 delivery – increased by about 1.78% ($ 1.48), to reach $ 84.40 a barrel, according to prices seen by the specialized energy platform.

Yesterday, Tuesday, Brent crude rose by 0.97% ($0.83), to reach $86.17 a barrel, while West Texas Intermediate crude prices rose by 1.2% ($0.98), to reach $82.92 a barrel.