,
WTI crude oil for October delivery was last seen trading at $ 1.22 (or 1.92%) to $ 62.45 per barrel.
In its monthly report, Paris-based IEA increased the supply of 2.7 million barrels a day for 2025 and supplied 2.1 million barrels in a day in 2026. The earlier estimates were 2.5 million and 1.9 million BPD respectively.
Earlier this week, the American Petroleum Institute reported that the US crude oil inventions increased by 1.25 million barrels for the week ended on 5 September.
The US Energy Information Administration reported that last week, 3.9 million barrels climbed in crude oil inventions; Gasoline invention increased by 1.5 million barrels; And distilled fuel invention (which includes heating oil and diesel) jumped from 4.7 million barrels.
At Sunday’s virtual meeting, OPEC+ agreed to an increase in oil production from 137,000 barrels per day in October. Although numbers were no less than traders, although oversupply concerns are increasing.
Since April, OPEC+ has already opened its first 2.5 million BPD cuts (about 2.4%of global demand). The next meeting of eight members OPEC+ is scheduled for 5 October.
On the data front, US PPI and CPI numbers have been strengthened by tomorrow and today’s expectations that the US Federal Reserve can initiate a range of rate cuts this year. Rate cuts can affect the price of US dollar and crude oil prices in turn.
As Russia continued its war with Ukraine, ignoring the call for a ceasefire, several Russian drones that wandered in the airspace of Poland on Tuesday night, were shot by Poland, triggering the latest concerns of the NATO alliance and transformed the two-nation war into a broader struggle.
Russia is now on the verge of being affected by the US and West being affected by the restrictions on its oil exports.
In the Middle East, the fresh tension has come to light after the Israeli forces targeted the leaders of the aerial attack on the Katri capital Doha, after killing around seven. Even when Arab leaders have expressed solidarity with Qatar, Israel has vowed to end all rebel leaders outside Palestine.
Sector-wise, oil and gas sector industry, ie. Concophillips, Chevron, BP, Petronas etc., are ready to cut enough jobs due to many headwinds facing industry.
The idea and opinion expressed here are the idea and opinion of the author and not necessarily Nasdac, Inc.
