Benchmark oil prices continue to rise Wednesday morning after climbing the previous day, driven by reduced concerns about the global economy and growing worries about fuel shortages on the world market.
The price of November futures for Brent on the London-based ICE Futures exchange at 8:16 a.m. Wednesday is $94.91 per barrel, up $0.95 (1.01%) from the previous session’s close. On Tuesday, these contracts rose by $0.67 (0.7%) to $93.96 per barrel.
Quotes of futures for WTI crude oil for November at the electronic trading of the New York Mercantile Exchange (NYMEX) by the specified time rose by $0.96 (1.06%) and amounted to $ 91.35 per barrel. At the end of the last session they rose by $0.71 (0.8%) – to $90.39 per barrel.
Oil is supported by fears that demand will greatly exceed supply, which intensified after the decisions of Saudi Arabia and Russia to extend voluntary production cuts.
“It seems nothing can derail the oil price rally,” said Edward Moya, senior market analyst at OANDA. – Energy traders are quick to recognize the bullish trend, and it will take much more than a strong dollar and weakening demand to break it.”
Market participants are also evaluating signals about changes in U.S. energy inventories.
According to the American Petroleum Institute (API), last week oil reserves in the States increased by 1.59 million barrels. A week earlier, the reserves fell by 5.25 million barrels.
The official data from the Energy Department will be released at 5:30 p.m. Q1 on Wednesday. Analysts surveyed by S&P Global Commodity Insights forecast that the data will indicate a reduction in oil reserves by 320 thousand barrels, gasoline – by 120 thousand barrels, distillates – by 1.3 million barrels.
