Oil has jumped due to a sudden decrease in the US stocks

 Breaking News
  • Microsoft, Amazon and eBay are at record highs On Tuesday, securities of Microsoft Corp, Amazon.com Inc and eBay Inc broke records. The rush of investors’ demand for the shares of those companies involved in electronic commerce caused such...
  • Quarantine in Hong Kong is not for everyone Hong Kong is rescuing its stock exchange. In order to give life to the trading platform, the administration of the metropolis has shown flexibility concerning quarantine measures. So, Christopher Hui...
  • Economy of Japan demonstrates recession In the first quarter of this year, the economy of the Land of the Rising Sun dropped by 0.6% in monthly terms. The figures are not optimistic but are better...
  • Energy market news On Saturday, representatives of the countries included in the OPEC+ cartel managed to agree on the extension of the restrictions on oil production. It also became known that those countries...
  • Bentley fires employees in order to prevent losses in 2020 The Bentley brand has long been synonymous with luxury living. Unfortunately, the British automaker has to save because of a forced two-month break. The company’s CEO Adrian Hallmark said to...
Oil has jumped due to a sudden decrease in the US stocks
September 22
10:30 2016

Oil quotes have jumped by about 1 percent on Thursday morning, increasing the advantage that was gained the previous day. The increase is due to the sudden reduction of stockpiles in the United States the third week in a raw.

By the beginning of the day the contracts for Brent crude have cost $ 47.22 per barrel. It is 0.83 percent more than the closing of the previous session.

Contracts for the US WTI have risen by 0.93 percent to $ 45.76 per barrel.

Oil prices have soared after the announcement of the Energy Information Administration that reserve stocks of raw materials in the United States have fallen by 6.20 million barrels for the week, which ended on 16 September. Now the stocks are amounted to 504.6 million barrels. The experts expected the rate to be grown by 3.4 million barrels.

ANZ Bank experts pointed out: “The price of oil has grown after the EIA data reported about a decline in the US inventories to the lowest level since February.”

Brent was supported by the news about the strike of employees of the oil industry in Norway. This strike can lower the oil production in the North Sea.

Nevertheless, the United Arab Emirates, being one of the participants of the backstage meeting of the OPEC states and the states that are not a part of the cartel, on Wednesday issued a statement that the goal of the talks was the discussion but not the freeze or limitation of the raw material production. The meeting in Algeria is scheduled for 26-28 September.

Related Articles


No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment