,
WTI crude oil was last seen trading at $ 0.53 (or 0.82%) to $ 63.99 per barrel for October delivery.
On the Inventory Front, data from the American Petroleum Institute revealed that the invention of American crude oil for the week ended September 12 fell from 3.42 million barrels.
The US Energy Information Administration data today revealed that for the week ending September 12, crude oil shares in the US have declined by 9.285 million barrels and gasoline stocks 2.347 million barrels, but distilled shares have increased by 4.0 million barrels.
Israel attacked Doha, Qatar, last week Hamas leaders gave shelter there. Aerial attacks brought Arab and Muslim leaders together, condemning the operation and expressed solidarity with Qatar.
However, Israeli Prime Minister Benjamin Netanyahu welcomed the deadly attacks and announced that the nation would not have to stop at the end of Hamas, wherever he is and Iran has also criticized for supporting terrorist groups.
Yesterday, Reuters reported that the Operations Head of the Russian oil pipeline, Transneft warned that the producers have to return the production by Ukraine as a result of a series of drone attacks on Russian ports and refineries. This news helped increase oil prices. However, Transneft later refused the report.
To end the Russia-Ukraine war, US President Donald Trump has intensified the pressure to prevent Europe from buying Russian oil and cut billions of dollars on Russia’s monetary gains. Trump said Ukrainian President Volodimir Zelansky should make a deal to end the war. Trump feels that there is a tremendous hatred between Russian and Ukrainian presidents and they will stop the war.
According to a report by Reuters, representatives of OPEC have been scheduled to meet on a framework to assess maximum production capabilities for 22-member oil producing groups, to meet in Vienna, Austria on this Thursday and Friday. The group is working to develop a mechanism to assess the maximum permanent production capacity for each member.
On the monetary front, the Federal Open Market Committee meeting of the two -day US Federal Reserve concluded today, Fed brought the Federal Funds rate to 4.00% -4.25% range to the range of 4.00% -4.25% in accordance with expectations with a deduction of 25 basis points.
Recently, the number of labor department and inflation figures were more supportive of the rate of deduction by data-managed Fed.
The idea and opinion expressed here are the idea and opinion of the author and not necessarily Nasdac, Inc.
