Oil prices edge higher ahead of US inventories data

09/09/2021 Argaam

Oil rig

Oil prices rose on Thursday ahead of weekly data on US crude stockpiles, and amid supply developments in the Gulf of Mexico following Hurricane Ida.

 

The international benchmark Brent crude was trading up 0.3% at $72.81 per barrel, at 9.05 am Makkah time.

 

WTI crude rose 0.1% to $69.40 per barrel.

 

"US production is struggling to recover from Hurricane Ida," Reuters reported, citing a note from ANZ. "Extensive damage to infrastructure and power outages mean Ida has knocked off more supply after nine days than any other storm."

 

Global oil demand is expected to grow by about 5 million barrels per day (bpd) this year, compared to previous estimates of a growth of 5.3 million bpd, the US Energy Information Administration (EIA) said on Wednesday, Sept. 8.

 

Meanwhile, American Petroleum Institute (API) data showed that US crude stocks dropped by 2.9 million barrels for the week ended Sept. 3.

 

EIA’s data on US inventories is due later today.

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