OPEC+ keeps output policy unchanged, oil price fluctuates slightly

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Brent oil futures fell 4 cents to $71.59 a barrel.

WTI oil futures rose 9 cents to $68.59 a barrel.

During the session, Brent and WTI oil prices sometimes touched 70.42 USD/barrel and 67.12 USD/barrel.

OPEC and its allies, ie OPEC +, on September 1 agreed to keep the policy of increasing output launched in July of an increase of 400,000 bpd per month from August to the end of the year.

OPEC+ revised up its demand outlook for 2022 and faced pressure from the US to increase production faster.

“While the market continues to be volatile because of the effects of Covid-19, the fundamentals have been strengthened and inventories at the Organization for Economic Co-operation and Development (OECD) continue to decline as the economy accelerates its recovery,” OPEC+ said.

OPEC+ has achieved its goal of removing excess oil from the global market and keeping the market in balance is important, according to Russian Oil Minister Alexander Novak.

U.S. crude inventories for the week ending Aug. 27 fell 7.2 million barrels to 425.4 million barrels, far exceeding analysts’ forecasts for a 3.1 million-barrel drop, the U.S. Energy Information Administration (EIA) said.

Gasoline inventories rose by 1.3 million barrels, against forecasts for a 1.6 million-barrel drop. An increase in Covid-19 cases could dampen travel demand in the US in the coming weeks, along with a seasonal decline as the summer travel peak cools.

Gasoline inventories rose despite the supply of refined products – a measure of demand – surpassing 22 million bpd for the first time, according to the EIA.

Oil prices came under pressure as oil production off the Gulf of Mexico gradually recovered after the passage of Hurricane Ida. However, refineries in Louisiana need more time to get back up and running.

Precious metal

Gold price on September 1 fluctuated in a narrow range in the context of cautious investors waiting for August employment data to be released at the end of the week.

Spot gold on the New York Stock Exchange rose $0.5 to $1,814.6 per ounce.

Gold futures fell 0.1% to $1,816 an ounce.

Spot gold price on the New York Stock Exchange on September 1.

Silver prices rose 1% to $24.13 an ounce.

Platinum fell 1.2% to $1,000.01 an ounce.

Source: ndh.vn – Translated by fintel.vn