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On Tuesday (September 13), international oil prices were volatile, and concerns about tightening inventories caused by tight fuel supplies before winter supported prices, which offset the selling pressure
caused by further increases in global interest rates.
The prospect of resuming the Iran nuclear deal remains bleak, which also supported oil prices
.
At 16:02 Beijing time, NYMEX crude oil futures rose 1.
01% to $88.
68 per barrel; ICE Brent crude futures December contract rose 0.
59% to $93.
78 a barrel
.
The U.
S.
Strategic Petroleum Reserve (SPR) fell by 8.
4 million barrels to 434.
1 million barrels in the week ended September 9, the lowest
since October 1984, according to data released by the U.
S.
Department of Energy on Monday (September 12).
Of the reserves released last week, 6.
3 million barrels were sweet crude and 2.
1 million barrels were sweet crude
.
U.
S.
President Joe Biden laid out a plan in March to release 1 million barrels of oil per day from the Strategic Petroleum Reserve over the next six months to combat hyperinflation
caused by high fuel prices.
Energy Secretary Granholm said last week that the Biden administration is weighing the need for further stockpile releases after the end of the
current plan in October.
The U.
S.
Department of Energy has proposed to replenish the strategic reserve
by signing contracts that allow it to buy oil at a fixed preset price in the coming years.
The government said it believed the program would help boost domestic oil production
.
Barclays Energy analyst Amarpreet Singh wrote in a note: "Despite the intensifying demand headwinds, we remain constructive on oil prices as U.
S.
output growth is slower than expected and OPEC+ production cuts remain supply-side support
.
" ”
The prospect of resuming the Iran nuclear deal remains bleak
.
Germany on Monday regretted
that Tehran did not respond positively to European proposals to revive the 2015 agreement.
U.
S.
Secretary of State Antony Blinken said a deal
was unlikely anytime soon.
Israel urges all parties to act to prevent Iran from becoming a nuclear-armed state
.
Kazakhstan's oil production, excluding condensate, fell 13 percent to 1.
196 million b/d (5.
077 million mt) from 1.
378 million barrels (5.
850 million mt) in July, sources said on Monday, citing data, as seen a sharp drop in production from the giant oil field Kashagan after a gas spill in early August and a planned production
cut at the Tengiz field due to scheduled maintenance.
The US consumer price index (CPI) data for August is scheduled to be released
on Tuesday at 20:30 Beijing time.
Despite the further clear signal of inflation peaking expectations, it is still possible that the Fed will raise interest rates by 75 basis points
for the third consecutive time at its new policy meeting in late September.
CMCMarkets analyst Tina Teng said: "If the US CPI data is higher than expected, the probability of the Fed extending aggressive rate hikes will increase
.
" "This could boost the dollar's exchange rate against other global currencies and make dollar-denominated oil more expensive
for non-dollar holders.
"