Oil is rising on declining stocks and weak dollars

Gas pump hanging from a gas station in Seoul June 27, 2011. REUTERS / Jo Yong-Hak

LONDON, Sept. 2 (Reuters) – Oil prices have risen sharply in recent days, with US crude stocks declining sharply and the dollar weakening, although profits are expected to stick to the policy of a gradual increase in production.

Brent crude rose 30 cents or 0.4% to $ 71.89 per barrel at 0917 GMT and the West Texas Intermediate (WTI) crude rose 28 cents or 0.4% to $ 68.87.

US crude oil reserves fell 7.2 million barrels last week, the Energy Information Administration said Wednesday.

Hurricane Ida affected oil and gas production in the Gulf of Mexico by about 80%. It could take weeks for oil refineries in Louisiana to resume. Read more

“Crude oil production can probably take longer to recover from a breakdown than crude oil production,” said Commerzbank analyst Carsten Fritsch.

The Organization of Petroleum Exporting Countries (OPEC) and its co-producers, known as OPEC +, agreed on Wednesday to continue the policy of reducing record production by adding 400,000 barrels (bpd) to the market. Read more

OPEC + has also raised demand for 2022 and is under pressure from the United States to accelerate production growth. The administration of US President Joe Biden has reaffirmed the group’s commitment to increase supply. Read more

“The most uncertain is that the demand is as fast as OPEC + and the market is as predicted,” said Bjornar Tonhauggen, head of Restad Energy’s oil markets. The virus.

Edited by Aaron ld Ledrick Edited by David Goodman in London

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