Oil rises in price on API data on declining US inventories

Oil rises in price on API data on declining US inventories

Oil rises in price on the data of the American Petroleum Institute (API), which showed a decrease in US inventories by 9.52 million barrels last week.

The weekly energy stocks report will be released by the US Department of Energy on Wednesday at 5:30 pm ET. Experts interviewed by S&P Global Platts predict, on average, a 1.8 million barrels in US oil inventories in the week ended September 11, a 7 million barrels drop in gasoline inventories and an increase in distillate inventories by 500,000 barrels.

The rise in oil prices on the eve was facilitated by positive data on the economies of China and the United States, which increased optimism about the prospects for demand for energy.

Nonetheless, the International Energy Agency (IEA) on Tuesday joined the chorus of voices expecting a decline in oil demand. 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.

The cost of November futures for Brent oil on the London stock exchange ICE Futures by 8:42 Moscow time is $ 41.12 per barrel, which is $ 0.59 (1.46%) higher than the price at the close of the previous session. As a result of trading on Tuesday, these contracts rose by $ 0.92 (2.3%).

The price of WTI crude oil futures for October in electronic trading on the New York Mercantile Exchange (NYMEX) by this time increased by $ 0.65 (1.70%) – to $ 38.93 per barrel. On Tuesday, futures rose $ 1.02 (2.7%).

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