Oil extends gains, Brent rises near $77

2021-09-23 17:36:33 GMT (Economies.com)
Oil extends gains, Brent rises near $77

Oil prices rose on Thursday, after a drop in the US crude inventories, while the US dollar fell against its peers.

 

The Energy Information Administration reported yesterday that the US crude inventories fell 3.5 million barrels to 414 million barrels during the past week, while analysts forecast a drop by 3.8 million barrels.

 

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.

 

The market continues to follow Evergrande's crisis and it its impact on the Chinese economy.

 

The People's Bank of China has injected $18.6 billion into the banking system, in attempts to ease global markets' concerns.

 

The dollar index fell against a basket of currencies by 0.5% to 93.03 points as of 14:50 GMT, after it hit a high of 93.5 points and a low of 92.9 points.

 

WTI crude October futures rose 1.4% to $73.2 a barrel as of 14:54 GMT. 

 

Brent November futures rose 1% to $76.9 a barrel.

 
 
 
  Symbol Last Change Chg.%
1.1621
0.0010
0.0878%
1.3764
0.0025
0.1812%
Tadawul
11890.10
44.17
0.37%
24.381
1.068
4.581%
84.415
1.069
1.283%
86.21
0.68
0.80%
1799.325
29.585
1.672%
 
 
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