Oil prices rise on fears of market shortages

Global oil prices rose on September 14 morning following forecasts of a shortage of raw materials on the market from OPEC and the International Energy Agency (IEA), Report informs referring to trading data.

The price of November futures for Brent oil increased by 0.47%, to $92.31 per barrel, and October futures for WTI grew by 0.49%, to $88.95.

Earlier in the week, OPEC and the IEA published monthly reports on the oil market, where they indicated in their forecasts that supply lags behind demand. As follows from the OPEC document, 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. According to the IEA, global oil demand in the second half of this year will exceed supply by 1.24 million barrels per day.

At the same time, investors paid attention to the statistics of the US Department of Energy on the dynamics of commercial oil reserves in the country for the week ending September 8. Inventories unexpectedly rose by 4 million barrels, although a decline of 1.9 million barrels was expected.

Production in the country also increased - by 100,000 barrels per day, to 12.9 million barrels per day. Gasoline and distillate inventories increased more than expected.