Barrel Price of Brent Oil Increased on September 15

Barrel price of Brent oil increased on September 15. Today, in global markets, a barrel of Brent oil is priced at $74.06.

Oil prices rose as US private sector data pointed to declines in crude oil and gasoline inventories. Brent oil, the global benchmark, rose 0.6 percent, while West Texas Oil rose for the fourth consecutive day. Crude oil inventories decreased by 5.44 million barrels last week, according to data from the privately-backed American Petroleum Institute. Official data released by the government will be released on Wednesday. China has announced that it will sell 7.38 million barrels of oil reserves on September 24. China, which had previously decided to sell from state reserves in strategic metals, decided to use the same strategy for oil. The International Energy Agency stated that the decreased oil production due to Hurricane Ida had reset the amount from OPEC+'s extra production and that the markets should wait until October for more production. West Texas Oil rose 0.6 percent to trade around $70.89 a barrel on the Nymex market. Brent oil was trading at $74.06 a barrel, up 0.6 percent on the London ICE Futures Europe market.