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Oil is gaining in early trading
This morning, New York crude oil futures for WTI rose 2.22% to $ 45.03 and Brent crude oil futures rose in price by 1.77% to $ 46.69 per barrel. Thus, the black gold is trading higher, amid the release of data on the reduction of inventories in the United States and the good performance of the Japanese imports. Data from the American Petroleum Institute showed that US crude stocks fell by 7.5 million barrels to 507.2 million, while analysts had expected a growth of oil reserves by 3.4 million barrels. Energy Information Administration will release official data on US inventories later on Wednesday and experts said they are also waiting for the outcome of the meeting of the US Federal Reserve Open Market Committee. Oil imports grew by 0.5% in Japan in August compared with the same period last year, reported the Ministry of Finance. Also Japan, the fourth-largest buyer of oil in the world, imported 3.38 million barrels per day last month, data showed.
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