Oil exceeds $ 75 to support US inventory decline


London — Thursday’s oil fell, but above $ 75 a barrel. This hit a nearly seven-week high a day ago, supported by widespread declines in US crude oil inventories and expectations of a recovery in global demand.

US crude oil inventories fell 6.4 million barrels last week, more than analysts expected. This is because the offshore oil facility is still recovering from Hurricane Aida.

The United States is the largest oil consumer in the world.

Brent crude fell 9 cents (0.1%) to $ 75.37 by 0815 GMT. On Wednesday, Brent hit a record high of $ 76.13 since July 30th. West Texas Intermediate (WTI) fell 4 cents to $ 72.57.

Brent rose 46% this year, supported by supply cuts by OPEC and its allies and a recovery in demand from last year’s pandemic-related collapse.

“Recovery from the destruction caused by the coronavirus is really underway,” said Tamas Barga, oil broker PVM. “Generally speaking, the world is being restored.”

In addition to signs of a recovery in demand, global oil usage will exceed 100 million barrels per day, the last level seen in 2019, in the second quarter of next year, according to a hot report this week. … apparently …

Oil has also gained support from soaring European electricity prices due to many factors such as low gas inventories and lower than normal gas supplies from Russia.

Jeffrey Halley, an analyst at brokerage firm OANDA, said the rise in gas prices and the impact on oil “I believe it will get worse before it gets better.”

After the downgraded hurricane Nicholas to a tropical cyclone, signs of resumption of recovery efforts in the US Bay were oil burdens.

The Gulf Energy Company in the United States was able to quickly restore pipeline services and electricity, strengthening its efforts to repair the more serious damage caused by Aida.

Alex Roller