Oil Futures Settle Notably Higher On Inventory Data, Positive Demand Forecast
OTTAWA (dpa-AFX) - Crude oil prices moved higher on Wednesday, lifting the most active crude oil futures contracts to their highest settlement in about two months, after a positive report about outlook for energy demand.
Data showing a drop in crude stockpiles in the week ended May 7 contributed as well to oil s uptick.
West Texas Intermediate Crude oil futures for June ended down by $0.80 or about 1.2% at $66.08 a barrel.
Brent crude futures were up $0.50 or 0.73% at $69.05 a barrrel a little while ago.
Data released by Energy Information Administration (EIA) showed U.S. oil stockpiles dropped by less than expected last week. The data said crude oil inventories fell 427,000 barrels last week, as against expectations for a draw of about 2.82 million barrels.
IEA upbeat on strong H2 oil demand rebound issacjohn@khaleejtimes.com Filed on May 12, 2021
The Paris-based energy watchdog now expects full-year global oil consumption growth of 5.4 million bpd, to 96.4 million bpd. AP file
In a sober reminder that the global recovery from the pandemic remains fragile, the IEA said oil demand dropped last month as the coronavirus surged in India
The International Energy Agency (IEA) on Wednesday cut its global oil demand growth forecast for 2021 but said its forecast for a strong rebound in energy demand in the second half of the year remains unchanged as expanding vaccination programmes allow the global economic recovery to power ahead.
National Gas Prices Surpass $3 a Gallon
Get our free mobile app
This is according to a press release put out by GasBuddy, which surveys gas stations across the county, which states that increasing gas prices are a sign of the Americans looking to travel more and the economy returning to normal.
Rob Godby, Acting Associate Dean at Haub School of Environment and Natural Resources for the University of Wyoming, said the increase in prices are happening due COVID-19. Demand has increased as we come out of COVID, we simultaneously got less production than we had before, because a lot of production was taken offline during COVID, and simultaneously a lot of people stopped using gasoline, Godby said. The timing of supply and demand are a little out of synch right now. Demand is going to come back before supply does and that s driving up oil prices.
Oil Prices Rise On Solid Demand Outlook
WASHINGTON (dpa-AFX) - Oil prices inched higher on Wednesday as investors bet on a bright outlook for demand. A weak U.S. dollar also offered some support.
Brent crude for July settlement rose 30 cents, or 0.4 percent, to $68.84 a barrel, while U.S. West Texas Intermediate crude futures for June delivery were up 39 cents, or 0.6 percent, at $65.67 a barrel.
As vaccination campaign gathers pace, the European Commission presented today a more upbeat assessment of how the 27 economies will perform this year.
The Brussels-based institution has sharply raised its economic forecasts for the coming two years, citing an improved vaccination campaign and the expectation that EU-wide fiscal stimulus will kick in the second half of 2021.