Oil prices continue to rise

Oil prices continue to rise

Oil prices continue to rise

Prices for benchmark oil in the course of trading on Wednesday rose by more than 2%, continuing the rally that began the day before on the data of the American Petroleum Institute (API) on the decline in US crude inventories.

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 cost of November futures for Brent oil on the London stock exchange ICE Futures by 14:47 Moscow time on Wednesday is $ 41.39 per barrel, which is $ 0.86 (2.12%) higher than the closing price 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 $ 39.14 per barrel, which is $ 0.86 (2.25%) higher than the level of the previous session.

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).

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

The IEA said the outlook for the oil market has become “even more uncertain” as COVID-19 is on the rise again. The IEA has downgraded the forecast of a decline in oil demand in 2020 by 300 thousand barrels per day (b / d) – to 8.4 million b / d.

According to new OPEC estimates, global oil consumption this year will be reduced by 9.5 million barrels per day (b / d) – to 90.2 million b / d. OPEC had previously forecast a decline in demand by 9.1 million bpd this year. The organization also downgraded its forecast for 2021.

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