The price of oil moved to growth after the morning decline

MOSCOW, 28 Sep — PRIME. World oil prices on Wednesday afternoon moved to growth after the morning decline of more than 1%, according to trading data.

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As of 13.38 Moscow time, the price of December futures for Brent crude oil is growing by 0.77%, to $85.52 per barrel, November futures for WTI – by 0.79%, to $79.12.

In the morning, at the same time, oil was noticeably cheaper, and such dynamics was caused by data from the American Petroleum Institute (API), which estimates the growth of US commercial stocks for the week to September 23 by about 4.2 million barrels.

Official statistics on commercial stocks in the country for the past week will be published by the Ministry of Energy on Wednesday evening. Analysts are expecting an increase in inventories of only 0.4 million barrels.

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In addition, markets are keeping an eye on Tropical Hurricane Ian. According to the latest data from the US Bureau of Safety and Environmental Enforcement (BSEE), “Ian” has led to a halt of 11% of oil production and 8.56% of gas production in the Gulf of Mexico.