Brent crude nears $84 ahead of US inventories data

14/10/2021 Argaam

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Oil prices rose on Thursday amid expectations that high natural gas prices may drive a switch to oil to meet heating demand needs, and despite initial report indicating a rise in US crude stockpiles.

 

The international benchmark Brent crude was trading up 0.8% at $83.88 per barrel, at 9.00 am Makkah time.

 

WTI crude rose 0.8% to $81.08 per barrel.

 

The Organization of the Petroleum Exporting Countries (OPEC) reduced its world oil demand growth forecast for 2021 in its latest monthly report, while maintaining its 2022 view.

 

However, the group said rising natural gas prices could boost demand for oil products as end users switch fuels.

 

Meanwhile, the American Petroleum Institute report showed that US crude stockpiles rose by 5.2 million barrels for the week ended Oct. 8.

 

Official report on US inventories is due later today from Energy Information Administration (EIA).

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