Working oil pumps against a sunset sky.
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Oil prices climbed more than $ 1 on Wednesday, extending gains overnight after industry data showed U.S. crude inventories fell more than expected last week following two hurricanes , highlighting tight supply as demand improves.
Prices have also been supported as some OPEC members struggle to increase production and a general sense of energy market scarcity amid an electricity and gas crisis in Europe.
US West Texas Intermediate (WTI) crude futures rose $ 1.04, or 1.45%, to $ 71.51 a barrel, adding to a gain of 35 cents from Tuesday.
Brent crude futures rose 94 cents, or 1.3%, to $ 75.30 a barrel, after gaining 44 cents on Tuesday.
The attention of the oil market has turned to fears of a shortage of supply, following pressure on Monday by general market nervousness over the possible default of Chinese real estate developer China Evergrande Group.
“Crude is supported by the API’s weekly report, which noted a larger-than-expected drop in US crude oil inventories,” said Ravindra Rao, vice president of commodities at Kotak Securities.
“Prices are still within a range ahead of the weekly EIA report expected later today and ahead of the US Federal Reserve’s monetary policy decision… In the short term, crude could move with wider markets by putting focus on China and Fed policy. “
U.S. crude inventories fell 6.1 million barrels for the week ending Sept. 17, market sources said, citing Tuesday’s figures from the American Petroleum Institute.
It was a much larger drop than expected. The market will monitor US government data on Wednesday to confirm the declines.
“Given the variety of favorable factors in the energy industry, including very high natural gas prices… current price declines are likely to be short-lived,” said Jeffrey Halley, analyst at brokerage firm OANDA. .
Global gas prices are expected to break records this winter.
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