WTI oil rose sharply in price again and reached the level of $72.3 per barrel, the highest value since the beginning of August.
Quotes accelerated the growth rate after the release of data on a decrease in stocks of raw materials in the United States, as well as distillates and gasoline. The ministry reported that commercial oil reserves in the country fell by 6.4 million barrels, or 1.5%, to 417.4 million barrels over the past working week. The inventory indicator was at the lowest level in two years. In addition, the stocks of distillates and gasoline decreased by 1.7 million and 1.9 million barrels, respectively. A day earlier, the International Energy Agency lowered its forecast for supply growth in 2021 by 150,000 barrels per day, partly due to the effects of Hurricane Ida. The forecast for demand growth was lowered by 100,000 barrels per day due to the spread of a new strain of coronavirus. On Monday, an OPEC report was also released, in which the cartel, like the IEA, lowered the demand forecast for the third quarter of 2021. OPEC also revised the forecast for oil demand growth next year upward by 900,000 barrels per day, compared with the August estimate, to 4.2 million barrels.
The forecast expects a corrective decline in the price of WTI oil to the levels of 72, 71.8 and 71.5 dollars per barrel.