Oil futures extend losses after EIA reports a surprise weekly increase in U.S. crude supplies
The Energy Information Administration reported Friday that U.S. crude inventories rose by 4.4 million barrels for the week ended Jan. 15. The data, which were delayed by two days because of Monday’s Martin Luther King, Jr. holiday and Wednesday’s U.S. presidential inauguration, compared with the average decline of 2.5 million barrels forecast by analysts polled by S&P Global Platts. The American Petroleum Institute on Wednesday reported a 2.6 million-barrel increase. The EIA data also showed crude stocks at the Cushing, Okla., storage hub declined by 4.7 million barrels for the week. Gasoline supply, meanwhile, fell by 300,000 million barrels, while distillate stockpiles were up by 500,000 barrels. The S&P Global Platts survey had forecast supply increases of 2.7 million barrels for gasoline and 600,000 barrels for distillates. March West Texas Intermediate crude extended losses after t
Oil prices rose on Wednesday, adding to solid gains overnight, on expectations the incoming U.S. administration will go ahead with massive stimulus spending that would boost fuel demand and draw down crude stocks. Brent crude futures rose 35 cents, or 0.6%, to $56.25 a barrel, adding to a 2.1% gain on Tuesday.
Oil prices rose on Wednesday, building on solid gains overnight, thanks to a combination of a weaker US dollar and expectations the incoming US administration will deliver massive stimulus spending that would lift fuel demand and draw down crude stocks.
Read more about Oil rise on hopes of US Covid-19 stimulus and crude stocks drawdown on Business Standard. U.S. West Texas Intermediate (WTI) crude futures climbed 37 cents, or 0.7%, to $53.35 a barrel at 0427 GMT, building on a 1.2% rise on Tuesday