- Brent has been nearing peak since October 2018
- China unveils government crude stockpile for first time
LONDON, Sept. 24 (Reuters) – Oil prices rose close to $ 77.50 in two months on Friday and led to a third straight week, supported by global stockpiles and inventory plans.
The protest was weakened by the first sale of Chinese government crude stock to the public.
Brent crude was up 224 cents, or 0.28%, at $ 77.47 per barrel at 0743 GMT, the highest since July 6 and the closest since October 2018.
U.S. oil closed at 7.3 cents, or 0.1%, at $ 73.37 a barrel, up 1.5% from the previous 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 members of the Organization of Petroleum Exporting Countries (OPEC) and partners known as OPEC + have struggled to increase production following investment or 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 Richard ull Lynn, Simon Cameron-Moore and Toby Chopra
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