Oil up, nears $73 a barrel

10.09.2021 - Petr Mazaylo
Oil up, nears $73 a barrel

Oil edged toward $73 a barrel on Friday, boosted by increasing indications of supply tightness in the U.S. due to Hurricane Ida and as the U.S.-China trade hopes gave riskier assets a lift.

Around three-quarters of the entire U.S. Gulf’s offshore production, or about 1.4 million barrels per day, have remained offline since late August.

Figures released within the week revealed U.S. crude inventories have dropped to their lowest since September 2019.

Brent crude soared 1.7%, or $1.20, to $72.65 by 0825 GMT. U.S. West Texas Intermediate (WTI) jumped 1.5%, or $1.05, to $69.19.

Oil and equity markets were helped by the news of a call between U.S. President Joe Biden and China’s Xi Jinping. The call stoked hopes for warmer relations and further global trade.

Brent was poised to end the week with a small gain and has increased almost 40% this year, boosted by supply cuts by the Organization of Petroleum Exporting Countries (OPEC+) and some demand recovery from the pandemic.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.net or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue
×

Help with deposit?