2023-09-07 15:04:53
oil
The data released by the US Energy Information Administration on Thursday showed positive data on US oil inventories during the past week ending on Friday, September 1, as the data was better than market expectations.
According to the released data, US oil inventories witnessed a strong increase by approximately 6.307 million barrels, while market expectations indicated a decline of regarding 1.8 million barrels only during that period, and this came following US crude oil inventories recorded a decline of regarding 10.6 million barrels during the previous week.
The markets always monitor US oil stock data because they always affect the prices of crude oil in the markets, and the prices of petroleum products are reflected in inflation rates. It also affects industries that depend on oil. And when the pace of economic growth is strong, the demand for oil increases, and thus US oil stocks decline, while the decline in the growth rate leads to weak demand and high oil stocks, which negatively affects oil prices in the world.
In terms of trading, spot prices for West Texas Intermediate crude settled at $87.48 a barrel, and spot prices for Brent crude settled at $90.42 a barrel, immediately following the release of US oil inventories data.
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