Oil prices rise modestly ahead of U.S. inventory data

Xinhua
15 Sep 2021, 02:00 GMT+10

NEW YORK, Sept. 14 (Xinhua) -- Oil prices edged up on Tuesday as traders awaited data on U.S. crude stockpiles.

The West Texas Intermediate for October delivery added 1 cent to settle at 70.46 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for November delivery increased 9 cents to close at 73.60 dollars a barrel on the London ICE Futures Exchange.

The U.S. Energy Information Administration is set to release its weekly petroleum status report on Wednesday. Analysts surveyed by S&P Global Platts forecast the U.S. crude inventories to show a fall of 3.5 million barrels for the week ending Sept. 10.

Investors continued to eye the production outages in the Gulf of Mexico in the wake of Hurricane Ida.

The U.S. Bureau of Safety and Environmental Enforcement on Tuesday estimated that approximately 39.57 percent of oil production in the Gulf of Mexico remained shut in, along with 48.2 percent of natural-gas production.

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