2024-07-29 06:56:06
Oil prices rose during the day on Wednesday, recovering from a fall to minimums in more than a month and a half the day before.
As reported by Day.Az with reference to Interfax, September futures on Brent rose in price on the London ICE Futures exchange by $0.73 (0.9%), to $81.74 per barrel. September futures on WTI for September by this time rose in price on the NYMEX exchange by $0.78 (1.01%), to $77.74 per barrel.
The day before, both brands fell by almost 2% and renewed their minimums since June 7.
Data from the American Petroleum Institute (API) showed a decline in US oil inventories last week by 3.86 million barrels.
Official inventory data is due later on Wednesday. Analysts polled by Trading Economics expect the report to show crude inventories falling by 2.05 million barrels, gasoline by 900,000 barrels and distillate inventories rising by 530,000 barrels.
If experts’ forecasts come true, the decline in oil reserves will continue for four weeks in a row, something not seen since last September.
“The API data on the reduction of fuel stocks became a positive factor that triggered the recovery of quotes,” said Tamas Varga, an analyst at the brokerage company PVM. “The weakening of WTI and Brent prices in the last 3-4 days may be caused by the realization that the summer surge in fuel consumption is simply not in sight.”
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