Oil maintains its upward trajectory with supply reduction trends

Oil traded on Friday at slightly lower rates than its multi-year high due to upward trends in supplies in decline, limited by concerns expressed by world leaders that the disruptions in demand caused by the Covid-19 pandemic may not end.

THE future Brent crude oil rose by 92 cents, or 1.1%, to close at $ 85.53 a barrel. Reference Brent crude oil reached its highest level on Thursday in 3 years, when he posted $ 86.10, in increase of 1% during the week, in increase for the seventh week.

West Texas Intermediate crude futures rose $ 1.26, or 1.5%, to stand at $ 83.76 a barrel, close to the seven-year high reached this week. This index increased 1.7% during the week and increased for the ninth consecutive week.

Concerns about coal and gas shortages in China, India and Europe have pushed up prices, prompting some power generation companies to switch from gas to fuel oil and diesel.

Winters in most of the United States are expected to be warmer than media, according to forecasts from the National Oceanic and Atmospheric Administration.

And the position of US crude strengthened this week as investors sought a decrease in crude oil inventories at the Cushing Oil Storage Center. in Oklahoma.

Data from the US Energy Information Administration on Wednesday showed that crude oil inventories in Cushing fell to 31.2 million barrels, the lowest level since October 2018.

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