01/10/2021 07:03 0
01-10-2021 07:03:26+07:00
Brent oil rose slightly
Oil prices rose slightly on Thursday (September 30) after surpassing the $80 mark per barrel this week, surpassing negative factors such as rising crude oil inventories in the US and strong USD in the context that the supply deficit will persist in the coming months.
Closing the session on Thursday, the Brent oil contract advanced 21 cents to $78.85 a barrel. WTI oil contract added 32 cents to 75.15 USD/barrel.
U.S. Oil and fuel inventories rose by 4.6 million barrels in the week ended September 24// 2021 to 418.5 million barrels, the US Energy Information Administration (EIA) said on September 29.
In another typical bearish move, the USD hovered near a 1-year high, making oil more expensive for holders of other currencies.
However, expectations of a prolonged supply deficit supported oil prices. Citigroup forecasts an average oil deficit of 1.5 million bpd over the next 6 months, even as supply continues to grow.
Next week, Organization of Nations Oil Exports (OPEC) and its allies including Russia, a group known as OPEC+, are forecast to maintain the agreement to increase production by 400,000 bpd in November 2021.
“This increase could ensure a drop in oil inventories for the rest of the year,” said analyst Tamas Varga of PVM share.
Crude oil inventories in the US increased as oil production in the US Gulf turned return to the level before super typhoon Ida hit 1 month ago.
One factor that is likely to negatively affect oil prices is the power crisis and concerns about the housing market in China have weighed on market sentiment lately, as any slowdown in the world’s second-largest economy could mean increased demand. oil affected.
Child Ung Quoc is the world’s largest oil importer and the second largest consumer of fossil fuels after the US.
An Tran (According to CNBC)
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