• Email Us: [email protected]
  • Contact Us: +1 718 618 4351
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Oil rises on declining inventories and weaker dollar

September 2, 2021 by David Barret Leave a Comment

September 2, 2021

By Bozorgmehr Sharafedin

LONDON (Reuters) – Oil prices edged higher on Thursday, supported by a sharp decline in U.S. crude stocks and a weaker dollar, though gains were capped by an OPEC+ decision to stick to its policy of only gradual increases to output.

Brent crude was up 30 cents, or 0.4%, at $71.89 a barrel by 0917 GMT and West Texas Intermediate (WTI) crude rose 28 cents, or 0.4%, to $68.87.

U.S. crude inventories dropped by 7.2 million barrels last week, the Energy Information Administration said on Wednesday. [EIA/S]

Hurricane Ida, meanwhile, has affected about 80% of the Gulf of Mexico’s oil and gas output. Oil refineries in Louisiana could take weeks to restart.

“Crude oil processing will probably take considerably longer to recover from the outages than crude oil production, which suggests that crude oil stocks will increase in the coming weeks,” said Commerzbank analyst Carsten Fritsch.

The Organization of the Petroleum Exporting Countries (OPEC) and allied producers including Russia, together known as OPEC+, agreed on Wednesday to continue a policy of phasing out record production reductions by adding 400,000 barrels per day (bpd) to the market.

OPEC+ also raised its demand forecast for 2022 and faces pressure from the United States to accelerate production increases. U.S. President Joe Biden’s administration said it was “glad” the group had reaffirmed its commitment to raising supply.

“What is not so certain … is whether demand will be able to grow as quickly as OPEC+ and the market predicts,” said Rystad Energy’s head of oil markets, Bjornar Tonhaugen, citing the risk of further coronavirus lockdowns to counter new variants of the virus.

(Reporting by Bozorgmehr Sharafedin in London; Additioanl reporting by Aaron Sheldrick; Editing by David Goodman)

Source Link Oil rises on declining inventories and weaker dollar

David Barret
David Barret

Related posts:

  1. US Health Officials Favor Covid Booster Shots To All Americans As Delta Variant Cases Rise
  2. Windows Server 2022 gets full general release
  3. France fines U.S. bank JP Morgan $29.6 million in tax fraud settlement
  4. China’s Alibaba to invest $15.5 billion towards “common prosperity”

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • Rockets Could Reveal STEVE Is Not A Real Aurora
  • Chimps Seen Snatching An Eagle’s Food In A Very Rare Scavenging Encounter
  • Seti: How We’re Searching For Alien Life At Previously Unexplored Frequencies
  • Our Homo Sapiens Ancestors Shared The World With Neanderthals, Denisovans And Other Types Of Humans Whose DNA Lives On In Our Genes
  • Exclusive: How To Snap The Shortest Moments In Time
  • Look At This Super Cute, Super Rare White Alligator Just Hatched In Florida
  • Exclusive: Quantum Dots, From Old Colorful Glass To The Technology Of Tomorrow
  • Frozen Methane Under The Seabed Is Thawing As Oceans Warm – And Things Are Worse Than We Thought
  • There Is Something You Should Know About Wasabi
  • How Are Large Parts Of The Great Wall Of China Held Together? By “Biocrusts”
  • Halley’s Comet Is About To Begin Its 38-Year-Long Journey Back To Earth
  • How Could The Big Bang Arise From Nothing?
  • UFOs: How Astronomers Are Searching The Sky For Alien Probes Near Earth
  • How To Test If We’re Living In A Computer Simulation
  • World’s Oldest Living Land Animal, Jonathan The Tortoise, Celebrates 191st Birthday
  • 75-Million-Year-Old Fossil Is First-Ever Tyrannosaur Found With Stomach Contents
  • Early Humans Hunted And Ate Beavers 400,000 Years Ago
  • What Do Meteors’ Colors Tell Us?
  • Honey-Hunting Birds And Humans Work Together And Know Each Other’s Calls
  • A Guy Tried To Make A Toaster From Scratch And It Failed Beautifully
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 618 4351
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2023 · Medical Market Report. All Rights Reserved.

Go to mobile version