Military coup raises oil prices

Oil continued to rise for the fifth day in a row on developments pointing to falling US stocks and upbeat sentiment in the markets.

West Texas crude rose to $82 a barrel, heading for the longest streak since March. Brent oil was also trading at $85.75, up 0.3 percent today.

Crude oil was supported by weak output from Saudi Arabia, which cut supplies to rebalance the global market after a weak first half. In addition, declining inventories in the United States and the military coup in Gabon increased oil prices.

COUP IN GABON

According to the American Petroleum Institute, US inventories fell by 11.5 million barrels.

On the other hand, soldiers in Gabon, a major oil producer, announced that they had canceled the elections and shots were reported in the capital, Libreville. It was also announced that the military had dissolved some important institutions in the country.

However, Gabon has yet to report any cuts in crude oil production or exports. However, political events in Gabon raised concerns about oil supplies and contributed to higher prices.