Bullish sentiment appeared to return to markets on Friday morning as a combination of supply disruptions and an apparent detente between the U.S. and China gave oil markets hope. Oil Prices Today: Friday, September 10th, 2021 With three-quarters of crude production still shut in the Gulf of Mexico, Hurricane Ida remained one of the key factors determining price movements this week. In addition to tight US supplies, with the EIA reporting a 1.5 million b/d week-on-week drop in total production, Friday provided some additional bullish sentiment as the Xi-Biden phone call sparked hopes of a smoother US-China relationship, offsetting downside factors like the Chinese strategic stock auction. As of today, Brent traded around $73 per barrel, whilst WTI was just south of $70 per barrel. China Releases Strategic Reserves of Crude. For the first time ever, China’s Strategic Reserves Administration will hold an auction on SPR volumes to be […]