- Brent has been nearing peak since October 2018
- China unveils government crude stockpile for first time
LONDON, Sept. 24 (Reuters) – Oil prices rose more than $ 77 a month on Friday and traveled for a third straight week, backed by international outages and numbers.
The protest was weakened by the first sale of Chinese government crude stock to the public.
Brent crude has previously fallen to $ 77.74 a barrel since July 6 and is down from 11 2018 GMT to $ 77.22 by 3 cents or 0.04%.
U.S. oil fell 15 cents, or 0.2 percent, to $ 73.15 a barrel, closing 1.5% last session, the highest since early August.
Destructive Ida and other storms, in some cases intermittent interruptions for months, have led to a sharp turmoil in U.S. Gulf offshore production, which has led to huge images of U.S. and international resources.
Analysts and traders have shifted US oil refineries to Iraq and Canada in exchange for Gulf oil. Read more
Some of the Organization of Petroleum Exporting Countries (OPEC) and its allies have struggled to increase production following investment or maintenance delays during last year’s outbreak. Read more
According to USB analysts, Brent oil prices could reach $ 80 a barrel by the end of September.
In the coming weeks, Brent will be able to hit that mark with a reduction in oil reserves due to an unplanned supply cut.
However, the results of China’s first state oil reserves are overshadowed.
State-owned Petro China and private refiner and chemical producer Hengeley Petrochemicals (600346 SS) have purchased four trucks with a total of 4.43 million barrels, according to sources close to the bid. Read more
WoodMac analysts say the market will have little impact on China’s consumption and imports ahead of the bid.
Additional report by Aaron Sheldrick; Edited by Toby Chopra and David Evans
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