Oil Prices Stable, US Inventory Data in Focus! - Kakiforex.com - Financial Market Media No. 1 in the World Oil Prices Stable, US Inventory Data in Focus! Oil Prices Stable, US Inventory Data in Focus!
InstaForex

September 8, 2021

Oil Prices Stable, US Inventory Data in Focus!

Oil prices traded stable after a two-day slump this week, as oil producers in the Gulf of Mexico struggled to resume operations.


In the Asian session, the benchmark US WTI futures traded positive at $ 68.40 a barrel, after declining 1.4% on Tuesday.


Meanwhile, Brent crude rose to around $ 71.60 a barrel, after falling 0.7% in the previous session.


About 79% of oil production in the Gulf of Mexico was still stalled on Tuesday, with 79 production platforms still empty after more than a week of Hurricane Ida.



Crude oil production in the region accounts for about 17% of output in the United States.


Investors are now awaiting the release of inventory data from the American Petroleum Institute (API) today and an official report from the U.S. Energy Information Administration on Thursday for a clearer picture of the hurricane’s impact on crude oil production and plant output.


Overall, black commodity trading was still affected by concerns over the gloomy global demand outlook due to the continued rise of Covid-19.


Saudi Arabia’s surprise move to reduce the official selling price of oil to Asian buyers, marks a weakness in demand from the region following the implementation of ongoing sanctions measures.