Oil prices rise ahead of U.S. inventory data
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E-mail Xinhua, September 22, 2021
NEW YORK, Sept. 21 (Xinhua) -- Oil prices climbed on Tuesday as market participants awaited data on U.S. fuel stockpiles.
The West Texas Intermediate for October delivery added 27 cents to settle at 70.56 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for November delivery increased 44 cents to close at 74.36 dollars a barrel on the London ICE Futures Exchange.
The rise came as "the oil market will remain tight" for as long as demand concerns do not materialize, Carsten Fritsch, energy analyst at Commerzbank Research, said Tuesday in a note.
"U.S. oil production in the Gulf of Mexico is likely to remain hampered for considerably longer than previously anticipated," he said.
The U.S. Energy Information Administration is set to release its weekly petroleum status report on Wednesday. Analysts surveyed by S&P Global Platts forecast the U.S. crude inventories to show a fall of 3.8 million barrels for the week ending Sept. 17.
On Monday, oil prices were under pressure with the U.S. crude benchmark and Brent dropping 2.3 percent and 1.9 percent, respectively, due to increased risk aversion. Enditem
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