Oil Price rises to its highest level during a month with reduction in American stocks


The prices of the crude oil had increased to record the highest level within one month  during the deals of today , Wednesday after a reduction in the American stocks of the crude oil by more than expected which supports the increase of prices especially after north Korea launched new rocket experiment .

The deferred contracts of American crude oil are dealt now at a level of 51.29 US $ per barrel after it’s recorded the highest level at 51.33 US $ per barrel while the today’s session opened at a level of 51.08 US $ per barrel and it’s recorded the lowest level at 51.08 US $ per barrel .

The American petrol institute announced at the end of yesterday’s session the reduced American stocks of crude oil during last week by 1.83 million barrels and reduced engine oil stocks by 2.56 million barrels .

The lower American stocks of crude oil helps to increase  the prices after the negative effect which lasted for a long time after a series of high American stocks .

on the other hand the crude oil prices found a support by the launch of north Korea a middle-range ballistic missile before the coming summit between the US and the Chinese presidents which is expected to discuss the file of north Korea .