Oil prices recover as part of a correction

MOSCOW, 8 Sep — PRIME. World oil prices on Thursday evening are recovering as part of the correction, despite the increase in stocks of “black gold” in the US, follows from the trading data and expert comments.

Oil production in the US for the week to September 2 remained at the same level

As of 20.01 Moscow time, the price of November futures for Brent crude oil is growing by 1.49%, to $89.31 per barrel, October futures for WTI – by 2.28%, to $83.81. At the same time, around 13.40 Moscow time, prices fell by 0.1% and 0.13%, respectively, and by the end of Wednesday they fell by more than 5%.

Earlier Thursday, statistics on oil reserves in the US was published. Commercial inventories (excluding the strategic reserve) rose 8.8 million barrels, or 2.1%, to 427.2 million barrels in the week ended Sept. 2, the fastest pace since April. Analysts polled by the DailyFX portal, on the contrary, expected a reduction in stocks by 0.25 million barrels.

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At the same time, the strategic reserve fell by 7.5 million barrels, or 1.7%, to 442.5 million barrels, the lowest since November 1984. However, corrective growth outweighs statistics from the US.

“Oil is trying to rebound from the lowest levels since March, and the decline in prices over the past two weeks was due to the expected slowdown in Asia and Europe and expectations of an impending reduction in demand,” the senior vice president told Bloomberg. Trading at BOK Financial Dennis Kissler.


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