Oil continues to rise for the 5th day

Oil prices continue to rise amid signs that stocks have fallen significantly in the US. Oil prices continue to rise. The price of a barrel of West Texas Intermediate crude oil exceeded $81, continuing its longest rising streak since March. Brent crude is also trading at $85.75, up 0.3 percent. According to data from the American Petroleum Institute, oil stocks have decreased by 11.5 million barrels. If official data to be released on Wednesday confirms this data, stocks will have fallen for 6 out of 7 weeks. The greater-than-expected decline in stocks indicates strong demand. Global markets are also bullish on expectations that China will announce additional incentives and that the Fed has come to an end to interest rate hikes. Crude oil prices have recently found support from Saudi Arabia's production cuts. Markets expect cuts to continue in October and supply to remain tight. However, it is stated that economic difficulties experienced in China, the world's largest oil importer, will put pressure on prices.