Fixed oil while investors are demanding reservations from Reuters

© Reuters. PHOTOS: Aerial view shows Shibushi National Petroleum Stockpiling Base in Kagoshima prefecture, Japan January 18, 2019, in a photo taken by Kyodo. Credit approved Kyodo / via REUTERS

By Noah Browning

LONDON (Reuters) – Oil prices stabilized Wednesday as investors suspected that US-led oil prices should be released from stockpiles and changed the way manufacturers respond.

futures were down 27 cents, or 0.3%, to $ 82.04 a barrel at 1000 GMT, up 3.3% on Tuesday.

The economic future of US West Texas Intermediate (WTI) has dropped by 23 cents, or 0.2%, to $ 78.27 a barrel, following a gain of 2.3% on the previous day.

The United States has said it will release millions of barrels of oil from warehouses in conjunction with China, India, South Korea, Japan and Britain, in an attempt to keep prices down after OPEC + neglected further calls.

Japan is releasing “hundreds of kilometers” of oil from its reserves, but the timing has not been decided, its company minister Koichi Hagiuda said on Wednesday.

Researchers say that the effects of inflation may be short-lived after years of inflation and the global recovery from the COVID-19 epidemic.

A joint venture could add 70 million to 80 million barrels, smaller than the 100 million barrels the market has been pricing, researchers Goldman Sachs (NYSE 🙂 have said.

“In our pricing model, such a release could be as low as $ 2 a barrel, less than the $ 8 barrel purchased since the end of October,” the bank said in a letter entitled “Drop by the sea”. “.

Now interest has shifted to how the Organization of the Petroleum Exporting Countries (OPEC), Russia and its allies, also known as OPEC +, should take action on the joint release of the stock when they meet on 2 Dec. to discuss points.

Meanwhile, and oil prices rose last week as oil supplies plummeted, market sources said, citing figures from the American Petroleum Institute.

Irregular sales rose by 2.3 million barrels last week Nov. 19, against the investigator’s expectations of a reduction of 500,000 barrels.

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