Oil rises for second straight day after US inventories fall

2021-09-22 11:35:37 GMT (Economies.com)
Oil rises for second straight day after US inventories fall

Oil prices rose on Wednesday, for the second day in a row, after the release of preliminary data that showed a drop  in the US crude inventories, and ahead of the EIA's weekly report.

 

US crude rose 1.3% to $71.78 a barrel, after opening at $70.83, and hit a low at $70.67, and Brent crude rose 1.4% to $74.54 a barrel, after opening at $74.54, and hit a low at $74.51.

 

The US crude gained 0.4% yesterday, and Brent crude rose 0.8%, in the first gain in 3 days, as most dollar-denominated commodities rose.

 

The American Petroleum Institute reported in preliminary data that the US crude inventories fell 6.1 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 418.5 million barrels, which is the lowest level since the week ending September 27, 2019, in a positive sign of the US domestic demand.

 

The US Energy Information Administration's official data will be released later today, amid forecasts for inventories to drop by 3.3 million barrels.

 
 
 
  Symbol Last Change Chg.%
1.1606
0.0036
0.3139%
1.3751
0.0123
0.9053%
Tadawul
11773.36
25.09
0.21%
23.335
0.700
3.090%
82.022
0.902
1.112%
84.86
0.86
1.02%
1767.855
13.150
0.749%
 
 
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