Oil rises for third day

Oil drilling rigs

Oil prices rose for the third day in a row today, Oct. 27, supported by record oil exports from the United States and a drop in the dollar index, despite fears of stagnation in demand in China.

 

Brent crude was trading up 0.29% at $95.97 a barrel, at 9:10 am Makkah time. West Texas Intermediate (WTI) crude rose 0.27% to $88.15 a barrel.

 

The US Energy Information Administration data revealed that US oil exports rose to a new record of 5.129 million barrels per day in the week ended Oct. 21, which is a positive sign for crude demand.

 

Meanwhile, the US and the European Union are likely to settle on a more flexible ceiling for oil prices at a higher price level than previously planned, to avoid increased risks in the financial markets, Bloomberg reported.

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