US crude stockpiles fell more than expected last week amid the aftermath of Hurricane Ida, which hit four north-eastern states. Re-creation of the American production chain. But US crude inventories fell about 6.1 million barrels for the same week last year, which ended Sept. 17. Gasoline stocks also fell about 432,000 last week and refined stocks fell about 2.7 million barrels. The government’s official inventory report on Wednesday is expected to show a weekly drop in US crude supplies by about 2.4 million barrels last week.

Oil prices rise as investors worry about global demand. Oil prices rose slightly on Tuesday as concerns over a global consumption outlook prompted OPEC to accelerate production to meet growing demand. Brent crude was up 44 cents at $ 74.36 a barrel after falling nearly 2 percent on Monday. The West Texas Intermediate (WTI) contract, which expired Tuesday, rose 27 cents to $ 70.56 a barrel after falling 2.3 percent in the previous session. The more active November contract rose 35 cents to $ 70.49 a barrel. Brent crude and WTI November contracts hit $ 75.18 a barrel and $ 71.48 a barrel. “Today’s trading seems to be very tight,” said Phil Flynn, senior analyst at Chicago Price Futures Group. This is an ongoing concern about the potential impact of future demand. Russia believes that global oil demand may not peak in 2019 before the pandemic as energy balance shifts, the TASS news agency reported. However, the Organization of the Petroleum Exporting Countries and its allies, including Russia (OPEC +), continued to produce enough oil in August to meet current consumption needs as the world recovers from a pandemic. Some countries appear to be producing less than expected as part of the OPEC + agreement, indicating that the supply gap could widen.

For today, oil prices will fluctuate between $ 72.077 and $ 69.580 a barrel. For those who are waiting to sell can sell between 71.356 to 72.077 dollars per barrel. For those who are waiting to buy, can buy between 69.955 to $ 69.580 per barrel.

Analyzed by: Mr. Long Samnang, Independent Analyst