As a result of important market events, crude oil had a big increase of 2.02%, finishing at 6871. Notably, the main forces behind this rally were the steep decrease in U.S. crude stocks and the belief that the leaders of OPEC+ would maintain a tight world supply.
According to figures from the Energy Information Administration (EIA), U.S. oil stockpiles fell by an astonishing 10.6 million barrels during the previous week. The expectation that OPEC+ members will continue to support supply management also had an impact.
There are rumors that Russia and Saudi Arabia may continue their output and export restrictions into October. In a worldwide context, China’s manufacturing activity declined less than anticipated in August, while the country’s services sector continued to expand.
