Oil prices are rising on data from the API

Oil prices continue to rise on Wednesday: Brent quotes reached the level of $74.71 per barrel. WTI oil futures rose in price to $71.61 per barrel.

The «black gold» was supported by data from the American Petroleum Institute (API), according to which crude oil reserves in the United States fell much more than expected – by 5,437 million barrels. At the same time, analysts expected a decrease of 3.903 million barrels.

A week earlier, the country's hydrocarbon reserves decreased by 2.882 million barrels – the decline has continued for seven consecutive weeks.

Today, we should pay attention to similar statistics from the US Department of Energy. Analysts expect that in the week to September 10, oil reserves in the United States decreased by 3.5 million barrels.

At the same time, in the week to September 3 (when Hurricane Ida hit the Gulf of Mexico), oil reserves fell by 1.5 million barrels, and production – by 1.5 million barrels.