Oil spills late, hit by China’s supply plan, hit by US bond bid

The pump plug was idle in Dawit County, Texas on January 13, 2016. REUTERS

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NEW YORK, Sept. 9 (Reuters) – As China plans to release government oil reserves, U.S. crude oil prices are lower than expected and U.S. investors are looking for safer assets, with oil prices falling by two weeks. .

In the volatile trade, Brent’s futures are down $ 1.15 or 1.6% to $ 71.45 per barrel. West Texas Intermediate (WTI) crude fell $ 1.16 or 1.7% to $ 68.14. That was the lowest settlement for both of them since August 26.

John Kilduff, a new LLC partner in New York, said: .

Following the fall of the $ 1 barrel at the beginning of the meeting, both standards were positive, following reports that the ship was trapped in the Suez Canal. The ship was repaired, and there was no delay. Read more

Oil boomed, according to a US report.

But in the afternoon, high demand fell more than $ 1 a barrel after a $ 24 billion 30-year bond bid fell to 1.91%. Investors sold risky assets, such as oil and stocks.

There was pressure on China’s state-owned reserves to be released through a public bid to control the cost of domestic filters. Read more

For his part, Edward Moya, a market analyst at Oanda, said:

US crude stocks fell 1.5 million barrels a week to September 3, much less than analysts’ forecast of 4.6 million barrels per week. ,

More than 7.2 million barrels fell into oil reserves, contributing to oil prices. Analysts predict that oil reserves will fall by just 3.4 million barrels.

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Gulf Coast wells account for about 17% of US production. 1.4 million BPD crude production still closed.

With the growing number of unvaccinated U.S. COVID-19 cases, President Joe Biden outlines new approaches to controlling the epidemic, including the requirement that all federal workers be vaccinated. Read more

In some cases, he intends to impose COVID-19 vaccines on workers or risk of dismissal. Read more

A number of US airlines have warned of delays in ticket sales and cuts in revenue forecasts as the Coronavirus Delta threatens voyage. Read more

Additional reports by Noah Browning in London, Naven Tukral in Singapore and Laura Sanikola in New York; Edited by David Goodman, Mark Potter and David Gregory

Our Standards – Thomson Reuters Principles.


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