Kyiv.Ukraine.Ukraine Gate – November 10,2021- Oil prices rose on Wednesday, November 10, due to data from the American Petroleum Institute (API) regarding an unexpected drop in US inventories.
The price of a barrel of January Brent oil at 9:15 Kiev time was $85.4 (+0.73%). A barrel of WTI crude oil for the month of December was trading at $84.5 (+0.42%). The initial trading in the benchmarks ended at $84.78 and $84.15, respectively.
According to the API, crude oil inventories in the United States fell by 2.5 million bar last week. with a projected increase of 2.1 million bar. At the same time, oil reserves at the terminal in Cushing (Oklahoma), where NYMEX traded oil is stored, increased by 234 thousand barrels.
During the previous trading, both standards reached their highest level since October 26, which was facilitated by the reduction of world oil reserves over the past few months.
“Supply is limited because OPEC adheres to a policy of supply cuts. The growth in air traffic is also supporting the demand for oil, ”said Author Sandu, Senior Commodity Manager at Phillip Futures in Singapore.
