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Oil prices rise with fall in US crude inventories

Category: Economy

Date: 2020-09-16T07:53:56+0000
Oil prices rise with fall in US crude inventories

Shafaq news/ U.S. crude oil stockpiles slumped last week, while gasoline inventories rose, data from industry group the American Petroleum Institute showed last week.

Crude inventories fell by 9.5 million barrels in the week to Sept. 11 to about 494.6 million barrels, compared with analysts’ expectations for a build of 1.3 million barrels.

Crude stocks at the Cushing, Oklahoma, and delivery hub fell by 798,000 barrels, API said.

Refinery crude runs rose by 641,000 barrels per day, API data showed.

Prices were also supported by the suspension of more than a quarter of US marine oil and gas production due to the expected arrival of Hurricane Sally to the US coast, and major export ports were closed as the course of the storm shifted eastward towards western Alabama, avoiding some Gulf Coast refineries.

At 6:00 pm GMT, Brent crude oil for November loading rose 1.52% to $ 41.05, after losing more than 6% last week, while US crude rose 1.49% to $ 38.84.

OPEC lowered its forecast for global oil demand on Monday, a few days before the meeting of the Joint Ministerial Monitoring Committee of the OPEC + group, scheduled for tomorrow Thursday, and the meeting will discuss compliance with the production cuts that were approved in April.

The continuing spread of the Corona epidemic continues to impede the recovery of fuel demand worldwide, as the number of global cases exceeded 29.1 million injuries,

However, the outlook for oil demand remained weak, which limited gains during the session.

 On Tuesday, the International Energy Agency reduced its demand for 2020 by 200 thousand barrels per day to 91.7 million barrels per day, citing the need to be careful about the pace of the economic recovery.


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