(LONDON) Oil prices rose slightly on Wednesday after sharp losses the day before, the anticipation of a drop in American reserves offsetting forecasts of demand weighed down by the sluggish global economy.
Around 6:20 a.m. (Eastern time) (12:20 p.m. in Paris), a barrel of Brent from the North Sea, for delivery in August, gained 0.62% to 72.71 dollars.
Its American equivalent, a barrel of West Texas Intermediate (WTI) for delivery the same month, rose 0.78% to 68.23 dollars.
U.S. commercial crude reserves fell 2.41 million barrels for the week ended June 23, according to data from the industry federation, the American Petroleum Institute (API).
Investors are watching for official and more reliable data from the US Energy Information Agency (EIA), which will be released later in the session.
Analysts expect crude reserves to decline by 1.5 million barrels, but gasoline reserves to increase by 1 million barrels, according to the consensus median compiled by Bloomberg.
If the EIA data confirms a withdrawal of black gold stocks, this could curb the decline in prices, which is suffering in particular from the lack of appetite for risk among investors, while central banks around the world raise their limits. rates to curb inflation.
“Rate hike concerns, but receding reserves. This latest information along with actions by OPEC, which is limiting its production to perk up prices, “could create a floor for prices,” said Neil Wilson, an analyst at Finalto.
Saudi Arabia, the world’s largest exporter, announced in early June that it would lower its production even further to rebalance the market, an action which initially pushed prices up, but whose upward effect has since completely evaporated.
