Oil extends gains after US crude stocks fall

Oil continued to rise after a significant decline in US crude oil inventories, while the possibility of a slowdown in the pace of interest rate hikes by the Federal Reserve swept the markets, which led to a recovery in commodity prices.

West Texas Intermediate crude futures rose to about $99 a barrel, after rising by 2.4 percent in the previous session. US crude stocks fell the most since the end of May, while exports rose to a record level, according to government data, according to what was reported by (Bloomberg East).

The spread between WTI and global benchmark Brent has widened this week, as reduced Russian flows exacerbated a supply crunch to Europe.

While the Federal Reserve raised interest rates by 75 basis points for a second month to combat rising inflation, Fed Chairman Jerome Powell said the pace of the increases would slow at some point. Oil prices have fallen recently, as investors weighed their concerns about an economic slowdown against signs of a rate hike.

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