Brent approaches $95: oil rises in price due to falling US reserves
Washington, 24 September. World oil prices rose on Tuesday after the release of data on the reduction of commercial stocks in the United States. Investors see this as a signal of a potential shortage in the market.
Details
According to the American Petroleum Institute (API), US oil stocks fell by more than 2 million barrels last week. This exceeded analysts' expectations, who had predicted a drop of about 1 million barrels.
Crude oil futures of the brand Brent rose above $95 per barrel, while WTI was trading around $92. These are the highest levels in the last month.
Growth factors
Analysts note that the decline in US stocks coincided with production restrictions from OPEC+ countries and robust demand from Asia. The market is growing concerned about further shortages if the trend continues.
In addition, the weaker dollar made oil more affordable for investors, which also supported prices.
Forecasts.
Experts expect that the upcoming publication of official data from the US Department of Energy will confirm the decline in reserves. In this case, oil prices could rise above current levels.
Some traders do not rule out that by the end of the year Brent may exceed the psychological level of $100 per barrel.
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