Forex – Oil prices rose on news that OPEC+ may postpone next month’s planned production increase and falling U.S. inventories, but interest was tempered by ongoing demand concerns.
November due BrentCrude oil rose 23 cents, or 0.32%, to $72.93 a barrel after falling 1.4% in the previous session, the lowest close since June 27, 2023. U.S. West Texas Intermediate crude for October delivery rose 23 cents, or 0.32%, to $69.43 a barrel after falling 1.6% on Wednesday, the lowest close since Dec. 11.
“The gloom in oil markets appears to have faded after strong API data and news that OPEC+ is reconsidering production increases raised hopes,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.
“The API numbers released overnight were constructive,” ING analysts said in an investor note, adding that if official government information later showed a one-to-one decline, it could be “the biggest weekly decline since June.”
API numbers showed crude oil inventories fell by 7.431 million barrels in the week ending Aug. 30. EIA weekly U.S. oil inventories data is due today at 17:30.
