- After a huge profit this week, the oil will stabilize
- U.S. production has been at an all-time high since March 2020 – IAA
- Mexico will resume the result on August 30 in a fiery stage
NEW YORK, Aug. 25 (Reuters) – US government data showed rising oil prices have risen sharply for the third time since the Covenant-19 outbreak.
Brent Powder rose 42 cents to $ 71.47 per barrel at 11:06 am EDT (1506 GMT). West Texas Intermediate (WTI) crude rose 6 cents to $ 67.60 a barrel.
The four-week average for US GDP has increased by 21 million barrels a day, the highest since March 2020, according to the US Energy Information Administration. Wednesday.
The USOILC = ECI fell 3 million barrels to 432.6 million barrels last week, the EIA said.
USOILG = ECI fell 2.2 million barrels a week to 225.92 million barrels, ENA said. Distribution of diesel and heating oil (USOILD = ECI) increased from 600,000 barrels a week to 138.46 million barrels.
“The overall demand for oil has reached a really strong level, which has shaken some of the recent fears that the Delta variant will affect that number,” said Tony Harrick, a CHS Hedging energy market analyst. We are in a relatively well-supported situation.
Over the past three sessions, both Brent and WTI have increased by about 9%. The rally was largely marred by a week-long recession in COVID-19 cases.
Mexican supplies fell more than 400,000 barrels a day following a fire at a gas station. Mexico’s state oil company is expected to resume production by August 30.
“While volatility seems to be sustainable, we will see more oil gains as OPEC continues to stabilize and OPEC is disciplining poverty,” said Mark Hafele, chief investment officer at UBS Global Wealth Management.
Until December, the bank will increase the price of Brent crude to $ 75 a barrel.
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Report by Stephanie Kelly in New York; By Rindon Ron Busso and Ahmed Gaddar, Roslan Kassawneh in Singapore and Sonali Paul in Melbourne for more information; Edited by Jason Nellie, Will Dunham and David Evans
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