October 14, 2021

US Stock Data Aside, Oil Prices Continue To Rise

 Oil prices rebounded in the Asian session by erasing previously recorded losses impacted by an increase in U.S. crude oil supplies.

Brent crude futures traded higher at $ 83.70 a barrel during the Asian session, while US WTI traded higher around $ 80.90 a barrel.

Earlier, the black commodity trade fell after seeing U.S. crude oil supplies increase by 5.2 million barrels last week from a previously recorded 951,000 increase.

Data from the American Petroleum Institute (API) also showed petrol inventories fell by around 4.6 million barrels and distillery stocks fell 140,000 barrels last week.

Prices were also impressed with OPEC’s previous projections having lowered its forecast of world oil demand growth for 2021 in its latest monthly report on Wednesday.

However, they also said a rise in natural gas prices ahead of the winter could boost demand for oil products to meet heating demand.

This caused the price to rebound to continue the consolidation at the annual high level reached at the beginning of the week.