Oil prices rise due to concerns about low fuel supplies before winter and a decline in the Strategic Petroleum Reserve.
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Oil prices are rising
Oil prices rose on Tuesday amid concerns over scarce fuel supplies ahead of winter, allaying investor concerns about the slump in demand in China, the world’s largest crude oil importer.
Brent crude futures were up 78 cents, or 0.8%, to $ 94.78 a barrel by 10:30 GMT.
US West Texas Intermediate crude futures rose 79 cents, or 0.9%, to $ 88.57.
Both crudes fell more than $ 1 at the start of the session and concerns about low stocks continue to support prices.
Data from the US Department of Energy showed that the strategic oil reserve fell 8.4 million barrels to 434.1 million barrels in the week ending 9 September, the lowest level since October 1984.
In March, US President Joe Biden put up A plan to withdraw one million barrels a day Over the course of six months of strategic reserves to mitigate rising US fuel prices, which helped fuel inflation.
And limiting the gains made in oil prices today, Tuesday, are concerns about falling global fuel demand as China, the world’s second largest oil consumer, continues to impose restrictions to cope with the outbreak of the Covid-19 pandemic in its cities.
Official data showed a decrease in the number of trips made during the three-day Mid-Autumn Festival holiday in China, along with a decline in tourism revenues as well, due to the reluctance of many people to travel due to associated restrictions. with the pandemic.
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