Sunday , February 28 2021

Oil rises in the face of hopes to reduce US reserves By Investing.com



© Reuters.

Invests.com – Oil prices rise on Tuesday as traders turn their attention to weekly data on US reserves and the forecasts of the first discount in reserves in 10 weeks.

Those in New York rose 0.76% or 39 cents to 52.02 dollars per barrel at 4:05 pm (CET).

The benchmark for oil prices rose outside the US 0.76% or 46 cents to $ 61.02.

The American Petroleum Institute will announce its weekly for the week ending 23 November at 22:30 (CET), while they will be announced on Wednesday and everything indicates a decline in reserves of around 600,000 barrels If confirmed, this would be the first consecutive weekly fall in the nation's oil reserves in the last 10 weeks.

Ongoing concerns about the incredible increase in production levels are also limited earnings this Tuesday. Data from last week

The Ministry of Energy Information stated that oil production had reached a maximum of 11.7 million barrels per day every day, so Saudi Arabia raised its production to record a maximum of 11.3 million barrels a day, according to a report from Industry source to Reuters on Monday .

These recording levels are maintained while OPEC will be preparing its meeting in Vienna on December 6 before the statements that the cartel would seek an agreement to reduce production due to the significant decline in oil prices.

There was already a talk of 1.4 million barrels a day before US President Donald Trump pressed his political co-ordinator, Saudi Arabia, the OPEC de facto leader.

According to the Bloomberg survey published on Tuesday, estimates suggest that the total decrease to be announced by OPEC and allies, with Russia leading, will amount to 1.1 million barrels per day.

It is worth noting that the 36 analysts questioned by the news agency, 12 of 31 who predicted a reduction say Moscow would not be involved.

On the other hand, they are down 0.02% to $ 1.4226 per gallon at 4:07 pm (CET), while the index points 0.48% to $ 1.8962 per gallon.

They down 3.26% to $ 4.159 per million British thermal units.

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