Oil prices continue their bullish tone, trying to stay above $ 80 a barrel for Brent and $ 77 for WTI.
Some analysts say prices could see a sharp rebound as winter approaches, with OPEC sticking to its previous pact on oil production.
OPEC +, the Organization of the Petroleum Exporting Countries, with its allies, including Russia, has been under pressure from major consumers, such as the United States and India, to add additional supplies after oil prices rose 50%. this year.
However, the oil cartel agreed on Monday to stick to an existing pact to increase current production to 400,000 barrels per day (BPD) in November, ignoring calls to pump more oil.
5 days 4.35%
1 month 11.88%
3 months 10.84%
the last year 57.17%
1 year 92.86%
Oil prices hit a three-year high after the OPEC + decision. Brent was last trading at $ 82.47 a barrel on Wednesday morning during Asian hours, and WTI was at $ 78.84.
Currently, the prices of both references have had a level of decline, but the optimism of investors is still maintained.
Furthermore, supply chains have been strained by panic-fueled fuel buying in Britain, partly due to a severe shortage of truck drivers due to Brexit and the UK’s new trade relations with the EU. It has led the UK to resort to bringing in the army to deliver fuel.
EIA Reports a Weekly Climb in U.S. Crude Supplies
The Energy Information Administration reported on Wednesday that U.S. crude inventories rose by 2.3 million barrels for the week ended Oct. 1.
That was above the average 200,000 barrel increase expected by analysts polled by S&P Global Platts. The American Petroleum Institute on Tuesday reported a 951,000-barrel climb, according to sources.
The EIA also reported a weekly inventory increase of 3.3 million barrels for gasoline, while distillate stockpiles edged down by 400,000 barrels.
The S&P Global Platts survey had forecast supply declines of 700,000 barrels for gasoline and 1.7 million barrels for distillates.