As the decline in US crude oil inventories last week was higher than market expectations, the demand for the world’s largest oil consuming country is rising, and international oil prices have risen on the 17th.

The U.S. Bureau of Energy Information released on the 17th last week the US commercial crude oil inventories last week. Last week, U.S. commercial crude oil inventories fell by 6.9 million barrels to 367 million barrels. The market is expected to reduce 2 million barrels for the third consecutive week. In the week, it decreased by 27.10 million barrels. In the United States, refinery utilization increased by 0.4 percentage points to 92.8% last week.

The US Federal Reserve’s survey on the national economic situation known as the “Beige Book” on the 17th said that from June to July this year, the U.S. economy continued to recover with a “slow to moderate” pace. The property market, manufacturing, and Personal consumption maintained its growth momentum. Manufacturing activities continued to expand in most parts of the United States, with orders and production indicators rising in many regions, and consumer spending and car sales increased in most regions. The optimistic description of the economic situation in the report is also good for oil prices.

As of the close of the day, the price of light crude oil** delivered by the New York Mercantile Exchange in August rose by $0.48 to close at $106.48 per barrel, a gain of 0.45%. The price of London Brent crude oil for September delivery rose by $0.47 to close at $108.61 a barrel, or 0.4%.