Oil continues to rise ahead of EIA weekly report

2021-10-14 12:47:17 GMT (Economies.com)
Oil continues to rise ahead of EIA weekly report

Oil prices continued to rise as the US market opened on Thursday, for the second day in a row, rising near multi-year highs, thanks to record natural gas prices, but today's gains are curbed by a build in US crude inventories, according to preliminary data of the American Petroleum Institute, and ahead of the Energy Information Administration's official report later today.

 

US crude rose 1.4% to $81.63 a barrel, after opening at $80.53, and hit a low at $80.43, and Brent crude rose 1.1% to $84.42 a barrel, after opening at $83.46, and hit a low at $83.20.

 

The US crude gained less than 0.1% yesterday, resuming gains after taking a pause due to profit-taking from a 7-year high of $82.15, and Brent crude rose 0.2%, near its 3-year high of $84.58 a barrel.

 

Oil prices are rising due to growing fears over a market deficit, especially after OPEC Plus alliance's recent decision to keep its current production policy without any new production hikes.

 

Meanwhile, global demand for oil is growing, especially due to the global shifting from gas to oil, after the recent record spike in natural gas prices.

 

The American Petroleum Institute reported in preliminary data that the US crude inventories rose 5.2 million barrels to 429 million barrels during the week ending October 8, which is the highest level since the week ending September 3, while analysts forecast a rise by 0.7 million barrels.

 

The US Energy Information Administration's official data will be released later today, amid forecasts for inventories to drop by 1.1 million barrels.

 

While the US output rose 200,000 barrels last week, with the total at 11.3 million barrels per day, which is the highest level since the week ending August 27.

 
 
 
  Symbol Last Change Chg.%
1.1600
-0.0012
0.1008%
1.3734
-0.0035
0.2556%
Tadawul
11807.79
-43.89
0.37%
24.049
-0.427
1.747%
82.132
-2.795
3.291%
84.49
-1.86
2.15%
1794.535
-9.510
0.527%
 
 
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