Brent Oil Price Rose to 41.15 Dollars due to the Data on US Reserves
OREANDA-NEWS. On September 16, oil rises in price on data from the American Petroleum Institute (API), which showed a decrease in US inventories by 9.52 million barrels last week.
The weekly energy reserves report will be released by the US Department of Energy on Wednesday at 14:30 UTC. Experts interviewed by S&P Global Platts predict, on average, a 1.8 million barrels drop in oil inventories in the United States for the week ending September 11, a drop in gasoline inventories by 7 million barrels and an increase in distillate stocks by 500 thousand barrels.
The cost of November futures for Brent oil on the London Intercontinental Stock Exchange by 5:20 UTC on September 16 amounted to 41.15 US dollars per barrel, which is 0.62 dollars (1.53 %) higher than the price at the close of the previous session.
The price of WTI oil futures for October in electronic trading on the New York Mercantile Exchange reached 38.97 dollars per barrel, which is 0.69 dollars (1.8 %) higher than the level of the previous session.