This morning, the New York futures for Brent rose by 1.15% to $ 50.87 and crude oil futures for WTI rose 1.08% to $ 52.24 per barrel. Thus, the black gold is trading in the green zone on the background of lower oil reserves in China. The markets are also supported by the planned OPEC production cuts.
Also, oil prices rose due to a slight weakening of the dollar, as it contributed to lower cost of fuel for buyers outside US.
According to API US crude stocks fell by 3.8 million barrels in the week to 467.1 million barrels.
Today, the US Energy Information Administration will publish data on stocks of crude oil and gasoline.
China processed 43.8 million tons of oil in September, exceeding the same period of last year by 2.4%. During the same month, oil production in China fell by 9.8% to 15.98 million tons, which was the most significant drop in 19 months.
The post Oil rose in early trading appeared first on forex-analytics.press.