Oil prices rose against the backdrop of statistics on fuel reserves in the US

MOSCOW, 13 Oct – PRIME. World oil prices on Thursday evening are growing by almost 2%, the markets are reacting to statistics on the stocks of this type of raw material in the United States, follows from the trading data and the expert’s commentary.

U.S. Oil Inventories Rise to the Highest Since July 2021 in a Week

As of 19.22 Moscow time, the price of December futures for Brent crude oil is growing by 1.84%, to $94.15 per barrel, November futures for WTI – by 1.87%, to $88.89. Prior to the publication of statistics, Brent was trading at around $92.7 per barrel, WTI at $87.4.

Earlier on Thursday, statistics on commercial oil reserves in the US (excluding the strategic reserve) were published. In the week ending October 7, they rose by 9.9 million barrels at once, to 439.1 million, the highest since the end of July 2021. At the same time, the strategic oil reserve in the country decreased to 408.7 million barrels – the minimum since June 1984. Distillate inventories, in turn, decreased by 4.9 million barrels to 106.1 million barrels, while a decline of only 2 million barrels was forecast.

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“A bird’s-eye view of this report shows that the market is starting to have some serious distillate supply concerns, especially as winter approaches,” Phil Flynn, senior market analyst at The Price Futures Group, told MarketWatch.


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