Oil prices began to rise moderately during trading on Thursday, recovering from the decline over the previous three sessions.
December futures for Brent on London’s ICE Futures exchange increased by $0.38 (0.41%) to $92.83 per barrel by 15:06 CST.
Quotes of futures for WTI for November in electronic trading on the New York Mercantile Exchange (NYMEX) by the specified time increased by $0.28 (0.32%) – up to $87.55 per barrel.
On Wednesday, Brent shed 2%, WTI – 2.3%, both brands finished in the red for the third session in a row.
Traders’ attention on Thursday is focused on the US Department of Energy’s report on energy stocks in the country over the past week, which will be published at 18:00 Moscow time on Thursday.
Experts polled by S&P Global Commodity Insights predict a weekly increase in US oil inventories by 2.2 million barrels, as well as a decrease in gasoline and distillate reserves by 2.1 million and 2.3 million barrels, respectively.
Data from the American Petroleum Institute (API), released yesterday, showed an increase in US oil inventories for the week ended October 7 by 7.1 million barrels after a decrease of 1.77 million barrels a week earlier.
Meanwhile, the International Energy Agency (IEA) on Wednesday lowered its 2022 oil demand growth forecast by 100,000 b/d to 99.6 million b/d. Thus, in 2022, the IEA expects global oil demand to grow by 1.9 million b/d against 2 million b/d a month earlier. The estimate of global oil demand in 2023 has been reduced from 101.8 million b/d to 101.3 million b/d.
The agency notes that the estimate of global demand has been adjusted due to the deterioration of the global economy, as well as rising fuel prices due to the adopted OPEC + plan to reduce production.
“Sustainable growth prospects are rapidly fading away amid persistent inflationary pressures, quantitative tightening, regular increases in borrowing costs, a strong dollar and coronavirus-related restrictions in China, the world’s second-largest economy,” said PVM analyst Tamas Varga.
