West Texas Intermediate futures in the United States rose 1.8% to $84.40 a barrel. Meanwhile, Brent futures advanced 1.6% to US$87.55 a barrel.
The oil scored his fourth rise in 5 days this Wednesday, August 9 and broke a new record of 2023, since the lowest offer for the production cuts from Saudi Arabia and Russia offset concerns about low demand from china and a report that showed a increase in crude oil inventories in USA.
In this framework, the futures of the West Texas Intermediate in United States (WTI) went up 1.8%, to $84.40 the barrel and records its highest value from November 2022. Meanwhile, the futures of the Brent advanced 1.6%until the $87.55 the barrel, its highest level since January 27.
Why did oil soar?
The gasoline stocks of USA fell 2.7 million barrels last week, while distillate inventories, which include diesel and fuel for heating, they fell by 1.7 million barrels, government data showed.
“The falls in inventories of refined products continue to generate bullish price impacts for the Petroleum“, said Andrew LipowPresident of Lipow Oil Associates In Houston.
Markets largely missed a higher-than-expected 5.85 million-barrel build in U.S. crude inventories. USA after a record drop recorded the previous week.
Russia shipping oil to Europe
Photo: Reuters
The reduction of fuel stocks USA helped make up for some lawsuit concerns after Tuesday’s data in China They showed the country’s July crude oil imports fell 18.8% from a month earlier to their lowest daily rate since January.
The consumer sector China it also fell into deflation and ex-factory prices continued to decline in July as the world’s second-largest economy struggles to revive demand.
Support for prices, however, came from the plans of the world’s leading exporter, Saudi Arabiato extend its voluntary production cut equivalent to 1 million barrels per day for another month. Russia it also said it will cut its crude exports by 300,000 bpd in September.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
