Lean – conscious
Oil prices recovered from yesterday’s losses on Wednesday as US crude inventories rose more than expected and the Organization of the Petroleum Exporting Countries (OPEC) plans to maintain its cautious approach to supplies. increase for the market despite strong demand in different parts of the world. .
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US crude oil inventories rose by 4.6 million barrels last week, beating expectations, supported by a recovery in production after work resumed at offshore facilities shut down by two hurricanes in the US Gulf region.
By 14:51 GMT, Brent crude rose seven cents to $79.11 a barrel.
Crude oil fell nearly $2 yesterday, Tuesday, after touching the highest levels in nearly three years at $80.75 a barrel.
The price of US crude rose 23 cents, or 0.3 percent, to $75.52 a barrel.
Oil prices began to rise at a time when economies were recovering from pandemic shutdowns and demand for fuel was rising, and there were supply cuts in some producing countries.
The US Department of Energy said oil, gasoline and distillates stocks rose in the United States last week.
US production increased to 11.1 million barrels per day, which is consistent with the level of production before Hurricane Ida about a month ago.
Sources said OPEC and its allies, a group known as OPEC+, are likely to keep an agreement to increase production by 400,000 barrels a day in November when they meet next week, despite pressure from consumers. for a greater increase in supplies.
OPEC said on Tuesday that demand for oil is expected to rise strongly in the next few years and indicated that the world must continue to invest in production to avoid a crisis even as it transitions to less polluting fuels.
2024-10-04 07:58:26