Commodity News
HeadLine : Oil falls after U.S. inventories post surprise gain
Date : Sep 30 2021
Oil prices fell on Thursday, extending losses after official figures showed an unexpected rise in inventories in the United States although prices seem to have stabilised following a recent run of gains. Brent crude was down 11 cents at US$78.53 a barrel, after falling 0.6per cent on Wednesday. U.S. oil fell 5 cents to US$74.78 a barrel, having also declined by 0.6per cent in the previous session. U.S. oil and fuel stockpiles increased last week, the U.S. Energy Department's Energy Information Administration (EIA) said on Wednesday. Crude inventories were up by 4.6 million barrels in the week to Sept. 24 to 418.5 million, EIA data showed, compared with analysts' expectations in a Reuters poll for a 1.7 million-barrel drop. The rise in inventories came as production in the United States returned to around the levels they were at before Hurricane Ida hit about a month ago. Output rose to 11.1 million barrels per day last week. On the production side, next week the Organization of the Petroleum Exporting Countries and its allies including Russia, a grouping known as OPEC+, are likely to maintain a deal on adding 400,000 barrels per day (bpd) to its output for November.

Source: Reuters
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