Oil prices rise on Wednesday on data from the American Petroleum Institute (API), which showed a sharp decline in US inventories.
The market is also supported by information from The Wall Street Journal and Bloomberg that Saudi Arabia fears Iranian attacks on facilities within the country, as well as in Iraq. This could lead to interruptions in oil supplies from the region and an increase in oil prices.
The cost of January futures for Brent crude on the London ICE Futures exchange by 8:10 pm on Wednesday is $95.73 per barrel, which is $1.08 (1.14%) higher than the closing price of the previous session. As a result of trading on Tuesday, these contracts rose by $1.84 (2%) to $94.65 per barrel.
The price of futures for WTI oil for December in electronic trading on the New York Mercantile Exchange (NYMEX) increased by this time by $1.2 (1.36%), to $89.57 per barrel. By the close of previous trading, the cost of these contracts rose by $1.84 (2.1%) to $88.37 per barrel.
U.S. oil inventories fell 6.53 million barrels in the week ended Oct. 28, after rising 4.52 million barrels a week earlier, according to API data released on Tuesday.
Official data on energy stocks in the United States will be released by the US Department of Energy on Wednesday at 17:30 square meters.
Experts surveyed by S&P Global Commodity Insights, on average, expect a decline in oil inventories last week by 1.6 million barrels, gasoline – by 1.9 million barrels, distillates – by 1 million barrels.
