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U.S. oil price is rising; US oil stocks have gone down
Author:Mariusz Dasiewicz
The price of oil on the American fuel market is rising. According to analysts, the decline in U.S. stock of raw material is affecting the tightening of fuel markets. The prices of copper fell during the previous session.
West Texas Intermediate oil supply for September at the NYMEX fuel exchange in New York City costs US$73.06, higher by 0.88%.
Oil Brent in deliveries for September at the ICE Futures Europe in London is valued at $75.33 per barrel, higher by 0.8 percent.
U.S. oil stocks fell by 4.089 million barrels last week, i.e. 0.9% to 435.598 million barrels," the U.S. Department of Energy (DoE) reported.
Stocks of petrol fell by 2.253 million barrels at the time, or about 1% to 234.161 million barrels.
The reserves of distilled fuels, including fuel oil, fell by 3.088 million barrels, i.e. by 2.2 percent to 137.912 million barrels," DoE said.
"The decline in oil stocks suggests that the increase in delta options Covid-19 has little impact on mobility," assessed ANZ analysts in a Thursday report.
Analysts note that worldwide recovery to demand before the pandemic can only be seen next year if coronavirus infections and the slow rate of vaccination further strengthen structural changes in demand.
Covid-19 continues to cause a devastating toll in both Americas, with Argentina, Colombia, Cuba, Ecuador and Paraguay among the world's highest death rates per week," reported the Panamanian Health Organization.
"There seems to be a considerable hesitation on which the market is now going. There is still uncertainty about the picture of demand and Covid-19 cases are still growing," said Warren Patterson, chief of raw materials strategy at ING Groep NV.
On Wednesday, Fed maintained the US's main interest rate between 0 and 0.25%. According to FOMC, the US economy has made progress towards the central bank's mandate objectives. The decision on interest rates was in line with market expectations and was taken unanimously.
We believe that inflation in the US should fall over time," said Fed president Jerome Powell during the video conference on Wednesday after the Reserve meeting.
At the end of the session at LME, copper dropped by 72 USD to $9.686 per tonne.
Source: PAP
