Rising oil prices: US stockpiles fall

Oil prices continue to rise, based on industry data showing a significant decline in crude oil inventories in the United States and the oil market is also experiencing turmoil over the hurricane in the Gulf of Mexico, which could affect production.

According to Reuters, Brent crude oil futures for October rose 29 cents, or 0.34%, to $85.78 per barrel as of 06:35 GMT. Futures for US West Texas Intermediate crude rose 37 cents, or 0.46%, to $81.53.

Reports indicate that oil inventories in the United States fell by about 11.5 million barrels in the week ended August 25, according to market sources and data from the American Petroleum Institute. This is more than expected and indicates robust demand for oil.

However, there is another factor that is boosting oil demand. Hurricane Idalia in the Gulf of Mexico has provoked outrage in the market. This hurricane is moving eastward from the main oil and natural gas production regions in the United States.

According to the Energy Information Administration (EIA), the Gulf of Mexico offshore produces about 15% of the US oil and about 5% of natural gas. The major oil company Chevron Corp has already begun to evacuate some of its personnel from the region, but continues to produce at its sites in the Gulf of Mexico.

It should also be noted that oil supplies are expected to be limited, as analysts predict that Saudi Arabia will continue its voluntary production cuts until October, which also contributes to higher oil prices on the global market.