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Oil: Prices resumed their course

08/10/2021
Categories: Raw materials

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Oil prices are rising again on Thursday after an update from the US Department of Energy. The structure informs that the United States was not ready to "immediately" draw on the country's strategic reserves to cope with the increase in the price of black gold.

Prices had opened sharply lower the day after the announcement of a larger than expected increase in US stocks. But, after statements by the Secretary of Energy, Jennifer Granholm, having been interpreted as a possible use of strategic reserves of the United States to thwart the rise in prices, oil prices immediately reacted, returning quickly to the green. The price of a barrel of Brent North Sea oil for December delivery ended up 87 cents from Wednesday's close at $81.95 in London. In New York, the barrel of WTI for the month of November also earned 87 cents or 78.30 dollars. For the second week in a row on Wednesday, commercial crude oil reserves surprised investors by rising stronger than expected, which had weighed on prices.

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