Home Business Oil prices jumped by more than $2 last week, U.S. crude oil inventories fell to their lowest since September 2019 | Reuters

Oil prices jumped by more than $2 last week, U.S. crude oil inventories fell to their lowest since September 2019 | Reuters

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(Revised U.S. crude oil futures code)

Reuters, New York, September 15-Oil prices rose by more than $2 on Wednesday. Government data showed that US crude oil inventories fell more than expected last week, and the market expects that as the scope of vaccination expands, demand will rise.

The U.S. Energy Information Administration (EIA) said on Wednesday that last week U.S. crude oil inventories fell to the lowest level since September 2019. Hurricane Ida shut down a number of refineries and coastal rigs in late August, and U.S. crude oil inventories continued to decrease.

Brent crude oil futures rose 1.86 US dollars, or 2.5%, to settle at US$75.46 per barrel. US crude oil futures climbed 2.15 US dollars, or 3%, to 72.61 US dollars per barrel.

Earlier in the session, Brent crude oil hit US$76.13 per barrel, the highest direct price since late July.

“Brent crude oil and U.S. crude oil prices rose strongly today, returning to near the peak reached at the beginning of the summer,” said Raymond James analyst Pavel Molchanov. Bay is still facing difficulties in fully resuming production.”

Last week, US crude oil and distillate inventories fell more than analysts expected, and gasoline inventories also fell, but the decline was slightly smaller than analysts expected.

As of the week of September 10, crude oil inventories fell by 6.4 million barrels to 417.4 million barrels, and a Reuters survey estimated a decrease of 3.5 million barrels.

The International Energy Agency (IEA) said on Tuesday that after global oil demand has fallen for three consecutive months, the advancement of vaccination will release oil demand suppressed by epidemic restrictions. The news brought support to oil prices.

However, China‘s crude oil processing volume fell in August, the daily processing volume hit the lowest since May last year, and the increase in the value added of the industrial enterprises above designated size slowed down in August, all of which limited the increase in oil prices. (over)

Compile Gao Sijia; Review Liu Jing

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