An official in the Russian energy company (Rosneft) expected that the world oil price would rise to the level of $120 per barrel in the second half of next year (2022).
The Russian official's expectations came in conjunction with what the International Energy Agency indicated that global oil supplies have resumed their upward trend, as (OPEC +) continues to cancel the cuts.
Carsten Fritsch, an analyst at Commerzbank, said: The tight supply in the oil market will remain in the short term, which would give support to prices, according to Reuters. /p>
For his part, Jeremy Weir, CEO of Trafigura Group, said that the tight supply in global oil markets is due to the fact that demand is returning to pre-pandemic levels.
The American Petroleum Institute had announced earlier, today, Wednesday, that crude oil inventories in the United States increased by 655,000 barrels for the week ending on November 12.
The institute said in its weekly report that gasoline stocks fell by 2.8 million barrels last week, while distillate stocks rose by 107 thousand barrels.
The Energy Information Administration is scheduled to release official stock figures today.
Oil prices varied at the close of trading yesterday, as the global benchmark Brent crude contracts ended trading up 0.5%, or 38 cents, at $82.43 a barrel, while US West Texas Intermediate crude contracts fell 0.2%, or 12 cents, at $80.76 a barrel.
