Meanwhile, in London, the North Sea Brent barrel for delivery in January 2023 fell 2.8% quoted at US$92.65.
Prices fell after the US Energy Information Agency (EIA) report on reserves.
In the week ending November 4, these oil stocks rose by 3.9 million barrels (mb), when analysts had expected a much smaller rise of about 250,000 barrels, based on the average of their forecasts.
Thus, total reserves stood at 440.8 mb, 3% below the average of the last five years.
This increase in commercial reserves is relativized by the placing on the market of a significant number of barrels from the strategic stocks of the United States, a total of 3.6 mb compared to 1.9 mb the previous week.
In turn, the increase is also explained by an increase in national production to 12.1 mb per day (mbd) and a reduction in exports.
In any case, the demand for petroleum products in the United States increased last week to 21.26 mbd.
The market also sees the scenario of a revival of Chinese demand moving away. “China loses its battle against covid-19”estimated Edward Moya, from the consulting firm Oanda.
Source: Ambito
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