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Markets

Oil price falls after gasoline stock rise

  • OPEC+ raise 2022 oil demand forecast, sources say
  • United States urges OPEC+ to boost output to ease prices
  • US refineries aim to restart after Hurricane Ida
01 Sep 2021

NEW YORK: Oil prices fell on Wednesday after US gasoline inventories rose and as OPEC+ was set for a meeting at which traders expected the producer club to stick to a plan to add 400,000 barrels per day (bpd) each month to the end of December.

Brent crude fell 93 cents, or 1.3%, to $70.70 a barrel by 11:07 a.m. EDT (1507 GMT). US West Texas Intermediate (WTI) crude fell $1.00, or 1.5%, to $67.50 a barrel.

US gasoline stocks rose by 1.3 million barrels last week to 227.2 million barrels, the EIA said. Analysts had expected a 1.6 million-barrel drop.?

US crude inventories fell by 7.2 million barrels last week to 425.4 million barrels. Analysts had expected a 3.1 million-barrel drop.

OPEC+ seen sticking to policy despite higher oil demand

US crude prices are expected to remain under pressure as offshore oil and gas production in the Gulf of Mexico gradually recovers. However, reviving Louisiana refineries shut by Hurricane Ida could take weeks, analysts said.

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, were set to meet at 1500 GMT. OPEC+ has raised its forecast for oil demand next year, sources within the group told Reuters, in a move that might help to build a case for raising output.

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