Oil prices keep growing on reports of decline in US crude inventories

Global oil prices continued to rise on September 23 morning on data from the US Department of Energy that crude inventories in the country fell to almost a three-year low, according to trading data, Report informs referring to Prime agency.

As of 9:14 am (GMT+4), the price of November futures for Brent crude oil rose by 0.28% to $76.4 per barrel, November futures for WTI rose by 0.22% to $72.39 per barrel.

Oil investors continue to evaluate data on commercial oil reserves in the US (excluding strategic reserve), which for the week ended September 17, fell 3.5 million barrels, or 0.8%, to 414 million barrels, renewing the minimum since October 2018.

However, according to analysts at S&P Global Platts, quoted by the Wall Street Journal, signs of an oversupply of Middle East oil in the Asian market could limit future oil profits.

“Unsold supplies of Middle East crude could weigh on sentiment for the last few days of the November-loading cycle,” the experts added.


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