Oil prices rise after OPEC report release, forecasts from US Energy Department

Global oil prices rose on September 13 morning. Markets are assessing the OPEC report data and short-term forecasts from the US Department of Energy, now awaiting the publication of the monthly report of the International Energy Agency (IEA), Report informs referring to trading data.

The price of November futures for Brent oil rose by 0.24%, to $92.28 per barrel, and October futures for WTI grew in price by 0.28%, to $89.09.

As follows from the OPEC report, if production remains at the level of the third quarter, in the fourth quarter the gap between demand and supply will average 3.3 million barrels per day. In the third quarter, production averaged 27.4 million barrels per day, and in the fourth quarter it is necessary to produce 30.7 million barrels per day to meet global demand.

The US Department of Energy on September 12 slightly increased its forecast for oil production in the country for 2023 and 2024, and also increased its forecast for the average price of Brent oil for the current year.

Later on September 13, the IEA will publish its monthly report on the oil market. The document may contain more tips for traders about the balance of supply and demand.

Investors are also weighing American Petroleum Institute (API) data on US inventories. According to the organization’s assessment, in the week ending September 8, commercial oil reserves in the country increased by 1.2 million. Official data will be reported by the US Department of Energy later on September 13. Analysts predict that inventories, on the contrary, decreased by 1.9 million.