Oil prices rise, supported by low inventories, and Brent is above $ 82.6

Oil prices rose on Tuesday, supported by a decline in inventories, although optimism was limited by concerns about demand following the surge in “Covid-19” infections. in Europe.

Contracts for the international benchmark Brent crude increased by 1.18%, to 83.05 dollars a barrel. Contracts for US benchmark West Texas Intermediate crude rose 0.8% to $ 81.6.

“We have very low inventory levels and if the winter comes very cold and the OPEC slowdown continues to increase supply, this could drive up oil prices,” said Tony Noonan. senior risk manager by Mitsubishi Corp.

However, fears of a slump in demand due to the Covid-19 pandemic also affected prices.

Europe is once again the epicenter of the COVID-19 pandemic, prompting some governments to consider resetting a national bloc, in one moment in which China is fighting the largest delta outbreak.

Last week, the Organization of Petroleum Exporting Countries (OPEC) lowered its global oil demand forecast for the fourth quarter by 330,000 barrels per day from last month’s estimate, as high energy prices prevent recovery. economic since the Covid-19 pandemic.

Fears of a decline in demand came amid expectations of an increase in supply.

Last week, US energy companies added oil and natural gas platforms for the third straight week, driven by a 65% rise in US crude oil prices since the beginning of the year.

And US shale oil production is expected to reach pre-pandemic levels of 8.68 million barrels per day in December, according to Rystad Energy.

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