Oil prices rose, today, Thursday, on fears that supply will not meet the recovering demand, and the rise came despite the rise in US crude stocks.
By 10:35 Moscow time, US West Texas Intermediate crude futures rose 0.17% to $74.96 a barrel, while Brent crude futures rose 0.0% to $78.68 a barrel.
The US Energy Information Administration said yesterday that oil and fuel stocks in the United States increased last week.
Crude stocks rose 4.6 million barrels in the week ending September 24, 2021 to 418.5 million, according to data from the US Energy Information Administration, compared with analysts’ expectations in a Reuters poll for a 1.7 million barrel decline.
The rise in US stocks comes at a time when production in the Gulf of Mexico in the United States is returning to near levels recorded before Hurricane Ida about a month ago. Production rose to 11.1 million barrels per day last week.