Oil continues to rise, Brent hits 2-month peak

2021-09-23 14:57:27 GMT (Economies.com)
Oil continues to rise, Brent hits 2-month peak

Oil prices continued to rise as the US market opened on Thursday, for the third day in a row, and Brent crude hit a new 2-month high after a drop in the US inventories, a sign on improved US demand.

 

US crude rose 0.9% to $72.52 a barrel, after opening at $71.89, and hit a low at $71.64, and Brent crude rose 0.8% to the highest since July 14 at $76.5 a barrel, after opening at $75.89, and hit a low at $75.62.

 

The US crude gained 1.6% yesterday, and Brent crude rose 1.7%, after the EIA's weekly report.

 

The Energy Information Administration reported today that the US crude inventories fell 3.5 million barrels during the week ending September 17, while analysts forecast a drop by 3.8 million barrels.

 

The total US commercial inventories fell to 413.98 million barrels, which is the lowest level since the week ending October 5, 2018, in a positive sign of the US domestic demand.

 

While the US output rose 500,000 barrels last week, with the total at 10.6 million barrels per day, which is 900,000 less than normal, as producers in the Gulf of Mexico are still suffering from Hurricane Ida's damages.

 
 
 
  Symbol Last Change Chg.%
1.1626
0.0015
0.1300%
1.3774
0.0035
0.2529%
Tadawul
11873.70
27.77
0.23%
24.453
1.139
4.888%
84.621
1.275
1.530%
86.17
0.65
0.76%
1801.735
31.995
1.808%
 
 
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