Oil prices are rising amid fears of supply shortages

Oil prices rose today, after data showed a decline in oil and fuel stocks in the United States, in addition to increasing speculation about new production cuts by the “OPEC Plus” alliance.
And oil prices rose yesterday, at the end of their dealings, by one percent, supported by the rise in gasoline futures contracts in the United States and expectations of an increase in demand for oil in the second half of this year.
Brent crude futures rose 86 cents, or 1.1%, to $77.70 a barrel, while US West Texas Intermediate crude rose 88 cents, or 1.2%, to $73.79 a barrel.
Late yesterday, data from the American Petroleum Institute showed a sharp decline in crude oil and fuel inventories in the United States.