The price of oil increased

Global crude oil prices rose following a significant US withdrawal from stockpiles.

According to Energy Press, the release of industrial data indicating a significant drawdown of oil reserves in the United States, the world’s largest fuel consumer, as well as the negative impact of the hurricane in the Gulf of Mexico on investors caused oil prices to increase on Wednesday (September 8).
The Brent North Sea crude oil price for October rose by 42 cents, equivalent to 0.49%, to 85 dollars and 91 cents per barrel on Wednesday at 7:48 GMT.
October deals will end on Thursday (September 9) and November deals were also done with an increase of 41 cents at a price of $85 and 32 cents per barrel.
Meanwhile, the US West Texas Intermediate (WTI) crude oil index was also traded on Wednesday by 50 cents, equivalent to 0.62% increase, at the price of 81 dollars and 66 cents per barrel.
After the drop in the value of the US dollar due to the subsidence of the predictions about the further increase in the bank interest rate after the publication of the data related to the unfavorable working conditions in this country, the price of both types of crude oil had increased by more than one dollar on Tuesday (7th of September).

Referring to the data of the American Petroleum Institute, market sources predicted on Tuesday that the country’s crude oil reserves decreased by 11.5 million barrels in the week ending August 25 (Friday, 3rd of September), which exceeded expectations.
Toshitaka Tazawa, a securities analyst at Japan’s Fujitomi Corp., said the fall in storage reflects increased demand.
Investors’ attention is focused on Hurricane Idalia, which is moving over the Gulf of Mexico to the east of major U.S. oil and natural gas production facilities.
According to the US Energy Information Administration, these facilities account for about 15% of US oil production and about 5% of US natural gas production.
The major oil company Chevron evacuated some of its employees from the area, but production continued.
On the other hand, analysts expect Saudi Arabia, the world’s largest oil exporter, to extend its voluntary production cuts until October and limit oil supply.