- He said the Chinese prime minister will ensure energy, energy supply
- As the production continues after the hurricane, U.S. oil reserves will be built
- The dollar has reached a 1-year high as the federation continues to gain momentum
- Despite $ 80 oil sources, OPEC + has stuck with its November output plans
NEW YORK, Sept. 30 (Reuters) – Oil prices fell sharply on Thursday as China prepared to buy more oil to meet growing demand.
Brent’s futures for November fell 11 cents or 0.1% to 11.53 AMT (1543 GMT) to $ 78.53, while West Texas Intermediate (WTI) crude rose 48 cents or 0.6% to $ 75.31.
Brent’s futures, which are due next month, are up 0.3% per barrel to $ 78.30.
Earlier in the day, U.S. crude oil reserves and solid dollars fell by more than $ 1 a barrel.
Phil Flynn, a senior analyst at the Chicago Futures Group, said China is preparing to buy more oil this morning as inflation rises.
Chinese Premier Li Keqiang said the world’s largest raw material importer and No. 2 consumer will ensure its energy, energy supply and economic performance in a balanced region.
Analysts say China’s recession could hurt oil prices and threaten the housing market.
China’s manufacturing activity declined unexpectedly in September due to widespread restrictions on electricity use and rising input prices. Read more
Meanwhile, the United States is the largest oil producer in the world. Government data on Wednesday show that US oil and gas reserves increased by 4.6 million barrels to 418.5 million barrels.
Last week, the rise of American inventions came as the Gulf coast rebounded about a month before Hurricane Ida.
USD in another commonly weakened development <.DXY> It has already reached a new one-year high, making oil more expensive for other currencies. [USD/]
However, expectations for sustained supply of raw materials have helped support prices. With a steady increase in supply, Citrograph predicts an average of 1.5 million barrels (BDD) deficits over the next six months.
Partners, including the Organization of Petroleum Exporting Countries (OPEC) and OPEC +, are expected to agree to add 400,000 BPD to their production in November. Read more
According to PVM analyst Tamas Varga, growth in demand means that the agreed increase will not be enough to reduce the fall for the rest of the year.
Additional reports in London by Shadia Nasrallah and Tokyo Aaron ld Ledrick; Edited by Margurita Choi and David Evans
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