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Oil prices soared, adding supply concerns due to declining inventories

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发表于 2018-9-20 16:56:42 | 显示全部楼层 |阅读模式
US crude oil prices surged nearly 2% on Wednesday, boosted by the fifth consecutive week of US crude oil inventories, and domestic gasoline demand is strong. The market continues to worry about global supply, as US sanctions against Iran have taken effect since November.
US government data showed that US crude oil inventories fell by 2.1 million barrels last week to a minimum of 394.1 million barrels since February 2015. Gasoline inventories fell by 1.7 million barrels, which is expected to be reduced by 100,000 barrels.

“This is a completely positive report,” said John Kilduff, partner at Again Capital Management. “It turns out that the needs of motorists are as hot as in summer.”

Gasoline consumption is usually growing in the summer and falling in the fall, but last week's gasoline demand is still strong, estimated at 9.5 million barrels per day.

US crude oil CLc1 closed up 1.27 US dollars, or 1.8%, to 71.12 US dollars per barrel.

Brent crude LCOc1 also rose, but the increase was slightly smaller, rising 0.37 US dollars, or 0.5%, to 79.40 US dollars per barrel.

Brent crude oil rose 1.3% on the previous day. As Bloomberg quoted an unknown Saudi source, Saudi Arabia is currently satisfied that oil prices are above $80 a barrel, alluding to Saudi Arabia not wanting to increase production to drive down oil prices.

Earlier, Reuters reported that OPEC and industry sources said that Saudi Arabia hopes to temporarily maintain oil prices at 70-80 US dollars per barrel, because before the US Congress election, Saudi Arabia should strike a balance between maximizing income and curbing oil prices.

The Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil producers such as Russia will discuss how to allocate increased supply within the quota framework in Algeria on September 23 to offset the impact of the decline in Iranian supply.

US sanctions against Iran will affect Iranian oil exports from November 4, and many buyers have reduced their oil purchases from Iran. But how other oil-producing countries can make up for the supply gap is still unknown.

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