Those price gains came even though the Organization of the Petroleum Exporting Countries (OPEC) trimmed its world oil demand forecast for the last quarter of 2021 due to the Delta coronavirus variant. That was Brent’s highest close since July 30 and WTI’s highest close since Aug. 3. Royal Dutch Shell began evacuating staff from a U.S. Gulf of Mexico oil platform and other firms began preparing for hurricane-force winds. U.S. oil output from seven major shale formations is expected to rise by about 66,000 bpd in October to 8.1 million bpd, the highest since April 2020, according to the Energy Information Administration’s monthly drilling productivity report. Traders noted China’s planned release of oil from strategic reserves could boost supplies available in the world’s the second biggest oil consumer.

Source: MetroXpress September 13, 2021 18:00 UTC