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Oil rise after the report of the API and before OPEC report

2019-09-11 08:27 am | Resource: News | No Views : 21

Oil rise after the report of the API and before report
 
Oil prices rose after falling Tuesday, following estimates that US inventories fell last week, and with the release of the "OPEC" report. Amid news of the close Aramco put forward.

OPEC chief says no alternative plans to OPEC deal

OPEC Secretary General Mohammed Barkindo said in a statement to the Emirates News Agency on Tuesday that there are no alternative plans so far for the OPEC + agreement. Barkindo added that the Organization of Petroleum Exporting Countries and its allies, within the framework of what is known as OPEC +, are committed to taking the necessary decisions to ensure the stability of the global oil market and balance.

American Petroleum Institute shows a significant decline in crude stocks

The weekly API report showed a drop in oil inventories, as traders learned from the US media on Tuesday. The volume reportedly fell by 7.2 million barrels a week through September 6, beating expectations. Reserves at the industry center in Cushing, Oklahoma fell by 1.4 million barrels. It is assumed that the report showed a 4.5 million barrel decrease in gasoline volume, while distillates reached an increase of 600,000 barrels. However, traders will be looking for tomorrow's official DOE figures.

Goldman Sachs tops Aramco banker list

In other news, Goldman Sachs has been named a leading bank in Saudi Aramco's IPO, Fox Business Network reported Tuesday.

The news comes ahead of one of the most anticipated IPOs and after Aramco reported JPMorgan's selection as the IPO. Aramco, which is expected to be worth about $ 2 trillion, to become the world's most valuable company, will list a small amount of its shares on the Riyadh bourse later this year. The international list is expected in 2020.

Oil Trading
  • Brent crude futures rose 0.6% to $ 62.77 a barrel, at 08:55 am Mecca time, after yesterday's decline of 0.3% at $ 62.38.
  • US crude rose 0.7% to $ 57.8 a barrel, after falling yesterday by 0.8% to $ 57.74, in the first loss in five sessions.


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