west texas crude oil price Wednesday’s close (Sept. 15) jumped $2.15 after the U.S. reported a more-than-expected drop in crude inventories, with analysts expecting a drop of only 3.5 million barrels.
west texas crude oil price Wednesday’s close (Sept. 15) jumped $2.15 after the U.S. reported a more-than-expected drop in crude inventories, with analysts expecting a drop of only 3.5 million barrels.
In addition, oil prices were also supported by the trend of increasing oil demand. after widespread vaccination against COVID-19
West Texas Crude Oil Contract Delivered in Oct. Trading on the NYMEX was up $2.15 to close at $72.61 a barrel. Brent crude oil contract Delivered in Nov. It was up $1.86 to close at $75.46 a barrel.
The U.S. Energy Information Administration (EIA) said U.S. crude inventories fell 6.4 million barrels last week. while analysts expected a decrease of only 3.5 million barrels.
The American Petroleum Institute (API), a US oil industry group. previously disclosed that U.S. crude inventories fell 5.4 million barrels last week.
EIA also revealed that Crude stocks at Cushing, Oklahoma, the delivery point for U.S. crude futures, were down 1.1 million barrels, while gasoline stocks were down 1.9 million barrels, while analysts had expected a decrease of 2.2 million barrels.
In addition, refined oil stocks This includes heating oil and diesel, down 1.7 million barrels last week. while analysts expected a 2 million barrel drop.
The International Energy Agency (IEA) released a report that said. Covid-19 vaccination Broadly, it will support global oil demand. After plummeting in the past 3 months due to the spread of the COVID-19 virus Delta species
At the same time, oil prices were also supported by tightening oil pressure from Hurricane Nicholas and Ida. This affects oil production in Texas and the Gulf of Mexico.
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