Home #American Petroleum Institute Oil prices down more than 1 percent News Jani

Oil prices down more than 1 percent News Jani

Oil prices down more than 1 percent

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Oil prices down more than 1 percent. Oil prices fell more than 1 percent on Wednesday, under pressure from a stronger dollar and a build in crude inventories that offset support from U.S. output cuts caused by Hurricane Ian.

Brent crude futures were down $1.08, or 1.3%, at $85.19 a barrel by 0341 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down 99 cents, or 1.3%, at $77.51 a barrel.

The dollar hit its freshest two-decade peak against a basket of currencies on rising Treasury yields. A strong dollar reduces demand for oil by making it more expensive for buyers using other currencies.

Rising borrowing costs fueled fears of a global recession, driving investors into the arms of the safe-haven dollar, sending Asian stock markets lower.

Read more: KSA records $20 billion surplus after oil price hike

“The outlook for demand has darkened amid a possible economic recession, with Asian markets falling due to rising bond yields,” said Tina Teng, an analyst at CMC Markets.

“Traders are not focused on supply issues at the moment as the bond market turmoil has weighed on risk assets, along with a stubborn US dollar, which has weighed on oil prices,” Teng added. said

U.S. crude oil inventories rose by about 4.2 million barrels in the week ended Sept. 23, market sources said on Tuesday, citing data from industry group the American Petroleum Institute. Inventories fell by about 1 million barrels.

Distillate stocks rose by about 438,000 barrels, according to the sources, who spoke on condition of anonymity.

The report precedes official data from the Energy Information Administration at 4:30 p.m. EDT on Wednesday.

Goldman Sachs cut its 2023 oil price forecast on Tuesday, due to weaker demand and expectations of a stronger U.S. dollar, but said global supply disappointments only reinforced its long-term bullish outlook.

Producers began returning workers to offshore oil platforms after production shut down ahead of Hurricane Ian, which entered the U.S. Gulf of Mexico on Tuesday and is poised to become a dangerous Category 4 storm over the warm waters of the Gulf. It is being said.

According to offshore regulator the Bureau of Safety and Environmental Enforcement (BSEE), about 190,000 barrels per day of oil production, or 11% of the Gulf’s total production, were shut down.

Producers lost 184 million cubic feet of natural gas, or about 9% of daily production. BSEE said crews were evacuated from 14 production platforms and rigs.

Ian is the first hurricane this year to disrupt oil and gas production in the U.S. Gulf of Mexico, which produces about 15% of U.S. crude oil and 5% of dry natural gas.

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