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[size=36]Oil rises 1%, supported by expectations of a transition from gas to crude[/size]
Economie| 11:45 - 09/14/2022
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BAGHDAD - Mawazine News
: Oil prices rose 1% today, Wednesday, while the International Energy Agency expects an increase in the switch from gas to crude due to higher prices this winter, even though demand expectations are still pessimistic.
The international benchmark Brent crude contracts ended the trading session higher by 93 cents, or 1%, to record at the settlement of $94.10 a barrel.
US West Texas Intermediate crude contracts rose $1.17, or 1.3 percent, to settle at $88.48 a barrel.
The International Energy Agency expects that a sharpening economic slowdown and a faltering Chinese economy will cause global oil demand to stagnate in the fourth quarter of this year, which has kept prices under pressure recently and may prevent further increases.
The agency also said it expects a large-scale shift from gas to oil for heating, saying it will average 700,000 bpd in October to March 2023 - or twice the level a year ago. This, along with expectations of weak supply growth, is helping to boost the market.
The agency said it had detected a drop of 25.6 million barrels in global oil inventories, in July.
But in the United States, crude stocks rose, last week, for the second week in a row, supported again by the ongoing releases of crude from the Strategic Petroleum Reserve. The latest government data showed that commercial stocks increased by 2.4 million barrels, with 8.4 million barrels withdrawn from emergency reserves under a program due to expire next month.
The Organization of the Petroleum Exporting Countries (OPEC) said on Tuesday that global oil demand in 2022 and 2023 will come stronger than expected, citing signs that major economies are showing better than expected performance despite events such as high inflation.
: Oil prices rose 1% today, Wednesday, while the International Energy Agency expects an increase in the switch from gas to crude due to higher prices this winter, even though demand expectations are still pessimistic.
The international benchmark Brent crude contracts ended the trading session higher by 93 cents, or 1%, to record at the settlement of $94.10 a barrel.
US West Texas Intermediate crude contracts rose $1.17, or 1.3 percent, to settle at $88.48 a barrel.
The International Energy Agency expects that a sharpening economic slowdown and a faltering Chinese economy will cause global oil demand to stagnate in the fourth quarter of this year, which has kept prices under pressure recently and may prevent further increases.
The agency also said it expects a large-scale shift from gas to oil for heating, saying it will average 700,000 bpd in October to March 2023 - or twice the level a year ago. This, along with expectations of weak supply growth, is helping to boost the market.
The agency said it had detected a drop of 25.6 million barrels in global oil inventories, in July.
But in the United States, crude stocks rose, last week, for the second week in a row, supported again by the ongoing releases of crude from the Strategic Petroleum Reserve. The latest government data showed that commercial stocks increased by 2.4 million barrels, with 8.4 million barrels withdrawn from emergency reserves under a program due to expire next month.
The Organization of the Petroleum Exporting Countries (OPEC) said on Tuesday that global oil demand in 2022 and 2023 will come stronger than expected, citing signs that major economies are showing better than expected performance despite events such as high inflation.
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