Oil prices go up due to data on US stocks

On Wednesday, oil prices are rising after the publication of data from the American Petroleum Institute (API), which showed a more significant than expected decline in US inventories, Interfax reports.

According to API information, stocks in the United States fell by 5.437 million barrels last week. A week earlier, oil reserves decreased by 2.882 million barrels, their decline has continued for seven weeks in a row.

China said Wednesday that it will begin selling strategic reserves on 24 September. During the first auction, about 7.38 million barrels will be sold, Bloomberg reports.

The cost of November futures for Brent on the London stock exchange ICE Futures by 8:20 am Kyiv time on Wednesday amounted to $74.07 per barrel, which is $0.47 (0.64%) higher than the price at the close of the previous session. As a result of trading on Tuesday, these contracts rose by $0.09 (0.1%) to $73.6 per barrel, the maximum since July 30.

The price of WTI futures for October in electronic trading on the New York Mercantile Exchange (NYMEX) reached $70.90 per barrel by this time, which is $0.44 (0.62%) higher than the final value of the previous session. On Tuesday, the value of these contracts increased by $0.01 to $70.46 a barrel, the highest value since August 3.

Experts' fears related to the possible threat of a new hurricane for the production facilities in the Gulf of Mexico came to nought, since Hurricane Nicholas, which intensified to the first category hurricane, practically did not affect the region.

Tags: oil, USA, price, petroleum products, oil deliveries, gasoline, diesel, oil reserves, economy, oil market, China

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