Oil prices jump to $ 47 after rising gasoline and US stock prices

2016/9/15 22:48

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Oil prices rose nearly two percent on Thursday, after falling for two consecutive sessions, tracking gasoline futures prices and the rise of the US stock markets.

Prices remain low this week, falling oil six percent over the previous two sessions influenced by data showing a large weekly increase in inventories of US petroleum products and the expectations of the International Energy Agency and the Organization of the Petroleum Exporting Countries [OPEC] indicate that the oversupply of crude in the international markets may continue until 2017.

They headed to the traders and investors buying to cover short positions with a rise of four percent in gasoline futures, while the S & P 500 US stock index rose by about one percent.

By 1622 GMT, futures for the global crude measurement recorded Brent rose $ 1.15, or about 2.5 percent to the highest level in the session at $ 47 a barrel.

And it increased futures for WTI US mediator 73 cents, equivalent to 1.7 percent to $ 44.31 a barrel.

And gasoline futures rose after sources said that BP would cut production early next week by about 50 percent, at least in a large unit for the distillation of crude in order to carry out reforms in Whiting, Indiana, refinery capacity amounting to 413 thousand and 500 barrels per day.

US stocks rose after the weak economic data reduced the likelihood of raising US interest rates this month.

The United States has increased stocks of distillates, which include diesel and heating oil, rose 4.6 million barrels in the week ending on the ninth of September, according to US Energy Information Administration in excess of analysts' expectations, it said also represents the biggest weekly gain since January.

He predicted some analysts and traders exposed oil prices under pressure again soon with the return of crude supply from Nigeria and Libya.