Oil prices will rise after the fall in U.S. stocks

A sticker reads crude oil next to a storage tank in the Permanian Basin on November 22, 2019 in Texas, USA, Menton, Loving County, USA. REUTERS / Angus Mordant

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LONDON, Sept. 15 (Reuters) – Oil prices rose on Wednesday as industry data rose sharply as demand for U.S. raw materials fell sharply and vaccinations expanded.

Brent oil rose 60 cents, or 0.8%, to $ 74.20 per barrel at 0858 GMT, while the West Texas Intermediate (WTI) crude rose 65 cents or 0.9% to $ 71.11.

U.S. oil, gasoline, and dividends fell last week after Hurricane Ida closed many refineries and offshore production.

Compared to the forecast 3.5 million barrels, raw materials for the week ending September 10 decreased by 5.4 million barrels.

The U.S. Energy Information Administration’s oil reserves report is EDT (1430 GMT) at 10:30 a.m. Wednesday.

Edward Moya, a senior analyst at Andy, said:

Tropical typhoon Nicholas moved across the Gulf on Tuesday, leaving hundreds of thousands of homes and businesses without power, despite Texas regulatory activity. Read more

The damage from the hurricane will come after Ida offsets a large part of the Gulf Coast.

It received support from the International Energy Agency (IAA) on Tuesday after a three-month slump in global oil demand due to the delta and widespread epidemic of delta coronavirus. . Read more

However, oil prices have plummeted in China in August, with daily refineries hitting the lowest since May 2020, and overall manufacturing output is declining. Read more

By Noah Browning Report; Edited by Edmund Blair

Our Standards – Thomson Reuters Principles.

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