International oil prices closed higher by 2.5% on the 22nd (local time).
The U.S. Energy Information Service (EIA) announcement that U.S. crude oil inventories fell to the lowest level in three years led to a rise in oil prices.
On the New York Commercial Exchange, West Texas Intermediate (WTI) closed at $72.23 a barrel, up $1.74 and 2.47 percent from the previous day. WTI recorded $68.59 a barrel on the 1st (local time), the first trading day in September, but rose to the early $72 in trading on the 22nd.
WTI closed at $70.45 a barrel on the 13th of this month, repeating its fluctuation after surpassing the $70 per barrel level. It is the third time that WTI has closed at more than $72 a barrel this month until the 15th and 16th.
Brent crude also rose $1.83 and 2.46 percent from the previous trading day, staying at $76.19 a barrel. Brent crude oil rose more than $4 by the 22nd after hitting $71.59 a barrel on the 1st (local time), the first trading day of this month.
Brent crude oil hit $75.67 a barrel on the 16th and surpassed $76 in the day’s transaction, the highest price this month. The last trading day when Brent oil exceeded $76 a barrel was July 30, which was $76.33 at the closing price at the time.
Reuters reported that overall U.S. fuel demand is recovering to the level before infectious diseases, and that international oil prices rose due to the impact that U.S. crude oil inventories were at their lowest level in three years.
According to an announcement by the U.S. Energy Information Service (EIA) on the 22nd (local time), U.S. crude oil inventories fell by about 3.5 million barrels to 414 million barrels last week. This is the lowest since October 2018. Market analysts compiled by the Wall Street Journal predicted a drop in crude oil inventories last week at about 2.4 million barrels.
However, according to the EIA, production is gradually increasing as U.S. oil refineries, which had been suspended due to hurricanes, gradually increase operations. Citing the EIA announcement, Reuters reported that production has increased by 500,000 barrels to 10.6 million barrels over the past week.