Oil Prices Are Mixed After a Sudden Rise in US Inventories

Oil prices were mixed, as sales that were boosted by an unexpected increase in crude inventories in the United States eased, while analysts expect that the supply may not meet the recovering demand.

Brent crude fell eight cents to $78.56 a barrel, after falling 0.6 percent on Wednesday.

US crude rose 11 cents to $74.94 a barrel after it also fell 0.6 percent in the previous session.

The US Energy Information Administration said yesterday that oil and fuel stocks in the United States increased last week.

Crude stocks rose 4.6 million barrels in the week ending September 24 to 418.5 million, according to data from the US Energy Information Administration, compared with analysts’ expectations in a Reuters poll for a decline of 1.7 million barrels.

The two benchmarks rose earlier in the session, after two days of losses, while oil bulls are looking forward to the next barrier that the price will breach after Brent rose above $ 80 for the first time in three years on Tuesday.

Citigroup expects oil accounts to record a deficit of 1.5 million barrels per day on average over the next six months, even as supplies continue to increase.

Next week, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, are expected to maintain a deal to add 400,000 barrels per day to their production in November.