Oil prices rise | Sunday Observer

Oil prices rise

26 September, 2021

(Bloomberg) -- Oil rallied after a US industry report showed another big draw in crude inventories, pointing to a tightening market, and China’s central bank added liquidity to quell concern about a major developer’s debt woes.

West Texas Intermediate traded above $71 a barrel after rising as much as 1.9%. Nationwide stockpiles sank more than 6 million barrels, including a drop at the key storage hub in Cushing, Oklahoma, according to the industry-funded American Petroleum Institute.

The U.S. Energy Information Administration reported crude oil inventories in Cushing, Oklahoma, totaled 32.9 million barrels (excluding pipeline fill and stocks in transit by water and rail) in the week ending September 10, which is a 42% decrease since the beginning of the year.

Crude has fared strongly in September after extreme weather disrupted U.S. supplies and as a rally in natural gas spurred expectations oil demand may benefit from switching. - World Oil

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