Oil prices change slightly after rising earlier

Global oil prices on September 7 morning changed slightly after rising earlier. Investors are evaluating data from the American Petroleum Institute (API) on US weekly inventories, Report informs referring to the auction data.

The price of November futures for Brent crude fell by 0.3% to $90.33 per barrel, October futures for WTI fell in price by 0.38% to $87.21.

Since the beginning of the week, the price of oil has risen by about 2% on news about plans to further limit supplies to the market by the largest producing countries. Thus, earlier the authorities of Saudi Arabia decided to extend the ‘voluntary’ reduction of oil production by 1 million barrels per day until the end of the year, while Russia decided to reduce oil exports by 300,000 barrels per day until the end of the year.

At the same time, on September 7 night, the API reported that US commercial oil inventories fell by 5.5 million barrels in the week to September 1. Official statistics will be published by the US Department of Energy later on September 7. Analysts are forecasting a decline of only 2.1 million barrels after falling 10.6 million a week earlier.

Traders paid attention to the statistics from China, one of the biggest consumers and importers of oil. Total imports to the country in August decreased in annual terms by 7.3% against the forecast of a decline of 9%, and exports fell by 8.8%, instead of the expected decrease of 9.2%.