Oil rises on US stock news

MOSCOW, 14 Sep — PRIME. World oil prices on Wednesday evening accelerated growth to almost 3% on the reduction of the strategic reserve in the United States and news of its possible replenishment, according to trading data and expert comments.

As of 19.46 Moscow time, the price of November futures for Brent crude oil is growing by 2.73%, to $95.71 per barrel, October futures for WTI – by 3.15%, to $90.06. During the day, oil rose by 0.14% and 0.06%, respectively.

Earlier on Wednesday, the US Department of Energy published statistics on oil reserves in the country. Commercial reserves rose by 2.4 million barrels to 429.6 million, while the strategic reserve fell to a minimum since October 1984 – 434.1 million barrels.

A day earlier, Bloomberg reported that the US could start replenishing its strategic oil reserve when prices fall to about $80 a barrel.

Bloomberg quoted Matt Sallee, portfolio manager at Tortoise, as saying that if the U.S. starts adding to the strategic reserve, “it will probably put a floor on oil at $80 a barrel, but prices will likely , rise closer to $100 a barrel.”

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