Oil prices hold sharp gains as weekly EIA inventory report shows 562,000-barrel fall in crude supplies
The Energy Information Administration reported Wednesday morning that U.S. crude inventories fell by 562,000 barrels for the week ended Dec. 18. That compared with the average decline of 4.7 million barrels forecast by analysts polled by S&P Global Platts. The American Petroleum Institute on Tuesday reported that U.S. crude supplies rose by 2.7 million barrels for the week, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged down by 26,000 barrels for the week. Gasoline supply, meanwhile, declined by 1.125 million barrels, while distillate stockpiles fell by 2.325 million barrels. S&P Global Platts had forecast a supply increase of 1.4 million barrels for gasoline and a drawdown of 1.1 million barrels in distillates. February West Texas Intermediate oil [s:CLG21] were trading up 1.5% at $47.76 a barrel. Market Pulse Stories are Rapid
Oil prices hit nine-month high after United States crude stock draw
Marco Green
Brent crude futures fell 20 cents, or 0.4%, to $50.09 a barrel.
In a sign of weaker demand, analysts expect data from the American Petroleum Institute on Tuesday and the Energy Information Administration on Wednesday to show that USA gasoline inventories rose by 1.6 million barrels last week, and that distillate inventories, which include diesel and heating oil, rose by 400,000 barrels. The recent surge seen in oil prices is largely attributed to an incredible drop in USA crude oil inventories coupled with strong hopes that the U.S Congress will pass the latest stimulus deal.
EIA reports a more than 3 million-barrel weekly decline in U S crude supplies marketwatch.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketwatch.com Daily Mail and Mail on Sunday newspapers.
Oil slips on demand worries as COVID-19 lockdowns tighten in Europe Toggle share menu
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Oil slips on demand worries as COVID-19 lockdowns tighten in Europe Oil prices dipped in early trade on Tuesday, with demand worries due to tighter lockdowns in Europe outweighing relief from vaccination rollouts and concerns about a flare-up of tension in the Middle East.
FILE PHOTO: The sun sets behind an oil pump outside Saint-Fiacre, near Paris, France September 17, 2019. REUTERS/Christian Hartmann/File Photo
15 Dec 2020 10:20AM Share this content
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MELBOURNE: Oil prices dipped in early trade on Tuesday, with demand worries due to tighter lockdowns in Europe outweighing relief from vaccination rollouts and concerns about a flare-up of tension in the Middle East.
Oil prices dip as tighter Covid lockdowns in Europe cast shadow on demand business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.