Oil rises in price amid reduction in US inventories

Global oil prices rose on September 22 morning against the background of data from the American Petroleum Institute (API) on a decrease in its reserves in the US, as well as on the revaluation of the upward value of production losses due to the hurricane, according to trading data and analysts’ comments, Report informs referring to Prime agency.

As of 8:58 (GMT+4), the price of November futures for Brent crude rose 1.04 percent to $75.13 per barrel, November futures for WTI rose 1.15 percent to $71.3 per barrel.

Oil investors on September 22 primarily assessed the data of the API on the decline in reserves of crude in the country. Thus, oil inventories in the week ended September 17 decreased by 6.1 million barrels in the US. At the same time, analysts had expected a decline of only 2.4 million barrels.

Traders also continue to assess the impact of Hurricane Ida in the Gulf of Mexico. The total loss of production in the US Gulf of Mexico in September is now likely to be about 790,000 barrels per day, which is higher than previous estimates, Rystad analysts told the Wall Street Journal.