Unexpected rise in oil prices

Oil prices rose more than expected in trading on Wednesday after the release of data showing the growth of oil inventories in the US.

November futures for Brent crude rose on the London Stock Exchange by $1.04, or 1.12%, to a record $94.2 per barrel.

The price of futures for West Texas Intermediate oil in October also rose on the New York Mercantile Exchange NYMEX by $1.12, or 1.28%, to a record $88.43 per barrel.

Gasoline inventories fell by 1.77 million barrels, while distillates rose by 4.22 million barrels.

Analysts had expected a decline in gasoline and distillate stocks by 1.6 million barrels, while maintaining their current level.

On the other hand, the International Energy Agency, in its monthly report, lowered its forecast for a 100,000 bpd increase in oil demand to a record two million bpd during 2022.

The report explains that the reason for the decline in global oil demand is the resumption of quarantine in China and the slowdown in growth rates in the countries of the Organization for Economic Cooperation and Development.

Source: Finversion

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