Oil raises $ 73 on narrow U.S. supplies, Biden-Shi calls

A gas station host is preparing to fill a car in Rome, Italy, on January 4, 2012. REUTERS / Max Rossi

  • Biden-Shi’s call raises the balance, helps the senses
  • About 3/4 of the Gulf Coast oil production has stopped
  • The United States last week added 7 gas stations – Baker Hughes

NEW YORK, Sept. 10 (Reuters) – A $ 73 barrel high hit the United States on Friday as a result of hurricanes and increased U.S.-China trade prospects.

Three-quarters of a barrel of oil, or 1.4 million barrels a day, has been off the coast of the United States since the end of August. That is roughly the same as the OPEC member Nigeria produces. Read more

“The market is back to focusing on a tight global supply chain, and that will make it higher,” said Phil Flynn, senior analyst at price futures in Chicago. “China is releasing oil from its strategic oil reserves, which is more than offset by declining production in the Gulf of Mexico,” Flynn said.

Brent crude rose to $ 1.47, or 2.3%, to $ 72.92. The highest barrel of the session was $ 73.15. West Texas Intermediate (WTI) crude rose $ 1.58, or 2.3%, to $ 69.72.

Both classes posted a small profit during the week. Brent has amassed 41% this year over the Organization of Petroleum Exporting Countries, and some want to recover.

Oil and equity markets have also been boosted by news of a call between US President Joe Biden and his Chinese counterpart Xi Jinping. Analysts say the call has raised hopes for warmer relations and international trade.

“Bedden-Shi’s phone call has the same effect on oil markets as it did on other sectors,” Onanda analyst Jeffrey Haley said in a letter.

The United States has increased Rage in the last week, with energy provider Baker Hughes saying production could increase in the coming weeks. Read more

On Thursday, China announced that it would release more than 1% of its crude oil reserves through a public bid to reduce the high cost of animal husbandry. Read more

Next week’s focus is on OPEC and the International Energy Agency’s 2022 oil demand review. According to two OPEC sources, OPEC will review the forecast on Monday. Read more

More reports from Florence Tan and Sonali Paul in Melbourne, Singapore; Edited by Elaine Hardcassel, Edmond Blair and David Gregory

Our Standards – Thomson Reuters Principles.

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