Oil adjusts upwards

Crude Oil Price (December Brent futures) at 15.25 GMT on Thursday, October 22, the price of crude oil rose 0.5% to $41.92 a barrel Brent. 

The “black gold” market is adjusted after falling a day earlier, reaching almost 4% – in the area of $41.5.

The US Department of Energy noted that commercial oil reserves in the US (excluding strategic reserves) fell by 1 million barrels (0.2%) last week 488.1 million barrels, almost in accordance with analysts’ forecasts.

Gasoline inventories have unexpectedly increased over the past week – by 1.9 million barrels (0.8%) 227 million barrels, with expectations of a decrease of 1.8 million barrels. Distillate stocks down 3.8 million barrels (2.3%) 160.7 million barrels.

their decrease was only 1.7 million barrels. At the same time, the oil reserves at the largest U.S. terminal in Cushing increased by 1 million barrels to 60.4 million barrels during the week. U.S. strategic oil reserves for the week fell 0.8 million barrels (0.1%) to 640.1 million barrels of oil, the energy ministry also estimates. U.S. crude oil production fell by 600,000 barrels to 9.9 million barrels per day last week, and the average over the past four weeks was 10.525 million barrels per day, the energy ministry said.

European Commissioner Kadri Simson, an energy producer, believes that subsidies for fossil fuel projects in the European Union remain high and should be stopped. In 2018, they amounted to around €50 billion, equivalent to one third of all energy subsidies.

EU leaders last December agreed on the EU’s transition to climate neutrality by 2050, when the final amount of greenhouse gas emissions into the Union’s atmosphere should be zero. The European Parliament’s Profiling Committee in September asked EU countries to stop subsidising fossil fuel projects by 2026.

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