October 26, 2021

Rising Oil Prices Stopped, US Supply Data Expected

 Crude oil trading took a break from continuing higher gains with the focus now directed at the production of U.S. crude oil supply data by the American Petroleum Institute (API).

Ahead of the opening of the European session, Brent crude futures traded slightly higher at $ 85.38 a barrel, following a 0.2% decline at the beginning of the session.

While the US benchmark WTI crude was up at $ 83.86 a barrel, slightly down from its latest high it reached in the previous session. $ 85.05 a barrel.

Although pressure in the coal market has begun to subside after government intervention, energy prices remain high following increased demand ahead of the winter.

Goldman Sachs has previously released a forecast that Brent crude oil trading is expected to rise to $ 90 a barrel by the end of the year. It estimates the consumer shift from gas to oil may add 1 million barrels a day to oil demand.

Investors will scrutinize reports of U.S. crude oil supplies this week which are expected to increase, but gasoline and distillery inventories are forecast to decline.