Oil rises moderately amid shrinking US distillate inventories

MOSCOW, 17 Oct — PRIME. World oil prices are growing moderately on Monday evening amid a reduction in distillate stocks in the US, according to trading data and expert comments.

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1 Bloomberg economists predicted a recession in the US economy

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Bloomberg economists predicted a recession in the US economy

As of 20.48 Moscow time, the price of December futures for Brent crude oil is growing by 0.5%, to $92.09 per barrel, December futures for WTI – by 0.52%, to $85.09.

Traders continue to follow the signals from the OPEC+ alliance. Earlier, the alliance decided to reduce oil production by 2 million barrels per day starting in November and extended the agreements until the end of next year.

In addition, last week on Thursday published statistics on oil reserves in the US. 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. 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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“Even with the expected decline in demand, we are still seeing very limited supplies of diesel and distillates. This is forcing buyers to continue buying oil,” Dennis Kissler, senior vice president of trading at BOK Financial, told Bloomberg.