High oil prices, supported by estimates of the decline in US inventory

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Tokyo – ASA:


Posted on: Wednesday 5 August 2020 – 12:20 pm | Last update: Wednesday 5 August 2020 – 12:20 PM

International oil prices rose during Wednesday’s trading, supported by estimates that indicated that US crude inventories fell significantly during the week.

On the trading front, futures for Brent crude for October delivery rose by 0.7% to $ 44.74 a barrel, while NYMEX crude contracts increased by 0.6% to $ 41.96 a barrel.

The preliminary estimates of the American Petroleum Institute showed a decrease of about 8.587 million barrels during the week ending on the thirty-first of July, which reinforced the optimism of investors about the lack of markets with supply, at a time when crude demand rates begin to regain momentum after the lifting of the travel ban imposed to counter the spread of infection Corona Virus.

The US Energy Information Administration will announce data on oil stocks in the United States for the past week later in the day.







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