Oil confidently rises in price on statistics on US reserves

Oil confidently rises in price on statistics on US reserves

Oil confidently rises in price on statistics on US reserves

Benchmark crude prices continued to rise steadily in trading on Wednesday after the release of official data on US crude inventories.

Commercial oil reserves in the United States last week decreased by 4.39 million barrels – to 496.04 million barrels, according to the weekly report of the country's Department of Energy.

Gasoline commodity reserves fell by 381 thousand barrels and amounted to 231.52 million barrels. Commercial stocks of distillates increased by 3.46 million barrels to 179.31 million barrels.

According to the data of the American Petroleum Institute (API), published the day before, oil reserves in the United States for the week ended September 11 fell by 9.52 million barrels, distillates – by 1.1 million barrels, while gasoline stocks rose by 3. 8 million barrels.

The API data added to a number of other factors that began to support oil prices on Tuesday, The Wall Street Journal notes. Among them are preparations for Hurricane Sally, which struck the southeastern United States. More than 25% of oil production in the Gulf has been halted, according to the US Bureau of Environmental Safety (BSEE).

The cost of November futures for Brent oil on the London stock exchange ICE Futures by 17:59 Moscow time on Wednesday is $ 41.65 per barrel, which is $ 1.12 (2.76%) higher than the price at the close of the previous session.

The price of WTI crude oil futures for October in electronic trading on the New York Mercantile Exchange (NYMEX) by this time is $ 39.52 per barrel, which is $ 1.24 (3.24%) higher than the level of the previous session.

However, both OPEC and the International Energy Agency (IEA) downgraded their forecasts for global oil demand this week.

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