Oil prices rose for the next day in a row, supported by a reduction in US inventories and signs of easing inflation.

Global Brent crude oil exceeded $83 per barrel, especially after it rose by 0.5% yesterday, Wednesday.

US benchmark Brent crude, West Texas Intermediate, reached $79, and US oil inventories fell by 2.5 million barrels over the past week in the country's first nationwide drop to their lowest levels in a month.

Risky assets rose, especially after the inflation index in the United States slowed for the first time in six months, which allowed for a more flexible monetary policy by the Federal Reserve, which led to a decline in the US dollar, in addition to the Bloomberg currency index achieving losses for the third day in a row, which led to a decline in the US dollar. It makes goods more attractive to foreign buyers.

Oil prices have continued to rise since the beginning of the year until now, especially with the OPEC+ countries restricting supplies, although prices have reduced their gains since the beginning of April with the disappearance of tensions in the Middle East, in addition to the presence and emergence of signs of weakness in some products.

For its part, the International Agency reduced its expectations for annual demand growth by 140,000 barrels per day, although it still sees global demand at an annual record level of 103.2 million barrels per day.