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Oil has jumped due to a sudden decrease in the US stocks

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Oil has jumped due to a sudden decrease in the US stocks

Oil has jumped due to a sudden decrease in the US stocks
September 22
10:30 2016

Oil quotes have jumped by about 1 percent on Thursday morning, increasing the advantage that was gained the previous day. The increase is due to the sudden reduction of stockpiles in the United States the third week in a raw.

By the beginning of the day the contracts for Brent crude have cost $ 47.22 per barrel. It is 0.83 percent more than the closing of the previous session.

Contracts for the US WTI have risen by 0.93 percent to $ 45.76 per barrel.

Oil prices have soared after the announcement of the Energy Information Administration that reserve stocks of raw materials in the United States have fallen by 6.20 million barrels for the week, which ended on 16 September. Now the stocks are amounted to 504.6 million barrels. The experts expected the rate to be grown by 3.4 million barrels.

ANZ Bank experts pointed out: “The price of oil has grown after the EIA data reported about a decline in the US inventories to the lowest level since February.”

Brent was supported by the news about the strike of employees of the oil industry in Norway. This strike can lower the oil production in the North Sea.

Nevertheless, the United Arab Emirates, being one of the participants of the backstage meeting of the OPEC states and the states that are not a part of the cartel, on Wednesday issued a statement that the goal of the talks was the discussion but not the freeze or limitation of the raw material production. The meeting in Algeria is scheduled for 26-28 September.

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