From The Rio Times · Diego Fernández · · 1m 40s
Oil Rises 1% to US$95.09 as Ecopetrol Gains 2.2%
Oil climbs 1% to US$95.09 as Latin American oil stocks surge.
In brief
Oil climbs 1% to US$95.09 as Latin American oil stocks surge. Oil rose 1% to US$95.09 a barrel on Wednesday 14 October as Ecopetrol gained 2.2%. Originally reported by The Rio Times.
Oil Prices
West Texas Intermediate rose about 1% to US$95.09 a barrel on Wednesday 14 October, and Brent rose 0.3% to US$106.01.
Oil Fund Gains
The USO oil fund gained 0.31% to US$153.56, a fund price, not a barrel price.
Latin American Stocks
Ecopetrol rose 2.17% to US$17.90, Petrobras 1.73% to US$25.94 and YPF 0.89% to US$52.25.
US Crude Stocks
The American Petroleum Institute reported a draw of 11.1 million barrels in US crude stocks, against a forecast build of 1.9 million.
Prediction Markets
Polymarket gives 44.5% that WTI touches US$100 in October (US$2.28 million traded, read at 8:25 pm ET on 14 October).
Latin American Impact
Colombia, Brazil and Argentina all benefit from higher crude prices as Ecopetrol rose 2.17% and Petrobras 1.73%.
Market Reaction
Oil rose while the S&P 500 fell 1.11% on Wednesday 14 October.
What Moves Oil
The strong dollar usually weighs on oil, but US inflation of 3.7% beat the 3.6% forecast.
What Happens Next
Official US inventory data on Thursday will confirm or reverse the API draw.
Brent Price Impact
A move through US$110 would raise costs for fuel importers.
Ecopetrol Details
Ecopetrol is Colombia’s state-controlled oil company and its biggest listed firm.
Petrobras Details
Petrobras is Brazil’s state-controlled producer and YPF is Argentina’s.
Market Outlook
Oil is now the main support for Latin American producers.
The essence
Oil rose 1% to US$95.09 a barrel on Wednesday 14 October as Ecopetrol gained 2.2%.
