U.S. Oil Price Hike Reached an 8-week High

The U.S. gasoline futures rallied that resulted to an increase in gains this week following the decision of Organization of the Petroleum Exporting Countries affiliates to reduced exports and a steep decline in crude inventories. Consequently, the oil prices climbed to an eight-week high on Thursday. The U.S. gasoline futures RBc1 has the highest percent gain as it moved up by 1.7 percent as the foremost level since May 24.

The benchmark for Brent LCOc1 futures increased 52 cents, or 1 percent, and fixes at $51.49 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 rose 29 cents, or 0.6 percent, to establish at $49.04.

The U.S. Energy Information Administration stated a loss of 7.2 million barrel in U.S. inventories in the week to July 21, higher than the anticipated amount of 2.6 million barrels.

Saudi Arabia intends to regulate crude exports to 6.6 million barrels per day (bpd) in August which is lower by 1 million bpd last year. Other members of OPEC including Kuwait and the United Arab Emirates also pledge to lessen exports.