Crude oil prices rose this morning after Thursday’s phone call between President Biden and China’s leader Xi Jinping raised hopes for a better trade relationship. The rise today followed a drop on Thursday as China announced it was releasing oil reserves to help its refineries.
Brent crude futures rose 0.59% to $73.05 per barrel (7:20 PM ET).
WTI crude futures rose 0.50% to $69.84 per barrel.
The American Petroleum Institute reported that oil inventories fell much less than expected. Oil inventories fell by 1.5 million barrels, the smallest decline since early August.
Shell the largest oil producer in the Gulf of Mexico continues to struggle with rebuilding after the damage left by Hurricane Ida. Recovery is slower than expected, forcing Shell to cancel some of its exports.
Investors are looking carefully at fuel demand for airlines. Five airlines, including American Airlines, United Holdings Inc, Delta Airlines, Southwest Airlines, and JetBlue Airways, reported declines in ticket sales and revenue. One reason could be renewed outbreaks of the COVID-19 virus. The tourism and travel industry has been struggling with the aftermath of COVID-19 outages since mid-2020.
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Friday, September 10, 2021