Oct 15, 2020
0 0

Oil rises in price on data on a decrease in US inventories

Oil prices rise on October 15 on information about a significant decline in crude stocks in the United States.

Thus, Brent oil blend for December delivery is trading at $ 43.35 per barrel, which is $ 0.03 (0.07%) higher than the price at the previous session's closing on the New York Mercantile Exchange (NYMEX). November futures for light Texas WTI crude rose $ 0.04 (0.1%) to $ 43.35 per barrel.

The American Petroleum Institute (API) reported on October 14 that US oil inventories in the week ended October 9 fell by 5.4 million barrels, gasoline inventories fell by 1.5 million barrels, distillates - by 3.9 million barrels. Oil stocks at the Cushing terminal increased by 2.2 million barrels.

Analysts expect that the US Department of Energy data will show a decrease in oil reserves by 2.3 million barrels, gasoline - by 1.8 million barrels, distillates - by 2.5 million barrels. The information will be released on October 15 at 18:00 Moscow time, transfers Interfax.

Restraining the rise in prices, according to experts, the forecast for demand, which continues to be unfavorable in the context of the coronavirus pandemic. In particular, an emergency regime will be introduced in France on October 17.

The second wave of coronavirus in Europe is spiraling out of control, and this should lead to new measures by lawmakers and central banks. Risk appetite will be difficult to return as Europe continues down the lockdown path- comments Edward Moya, senior market analyst at Oanda.

As wrote earlier, the OPEC + organization of oil exporting countries is optimistic about the situation in the oil market and hopes that they will be able to gradually increase production within the framework of the deal without harming the market. This was announced by the Minister of Energy of the Russian Federation Alexander Novak.

Article Categories:

Leave a Reply