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Dubai: Oil extended a rally after US stockpiles fell and investors applauded reopening drives in the US and Europe that will aid demand.
West Texas Intermediate surged 1.2% at the open, the most since Nov. 4, Brent neared $70 a barrel, and gasoline futures hit the highest since July 2018. The American Petroleum Institute reported crude supplies fell by 7.69 million barrels last week, according to people familiar with the data. If confirmed by government figures on Wednesday, that would be the largest drop since late January. The API report also showed lower gasoline and distillate inventories.
Aiding the outlook for improved oil consumption, the U.S. is setting a new target of 70% of U.S. adults receiving at least one Covid-19 vaccine shot by July 4, while British Prime Minister Boris Johnson said his country s lockdown rules are will be scrapped in seven weeks. That s offsetting concerns about weaker demand in parts of virus-hit Asia, including key importer India.
Oil was little changed during midweek trading.
(Bloomberg) Oil was little changed, giving up earlier gains as traders assessed an increase in gasoline stockpiles and technical signals suggesting the commodity’s rally was due for a pullback.
Futures in London pared a gain of as much as 1.6% after testing a run to the key psychological $70-a-barrel mark. While an Energy Information Administration report on Wednesday showed U.S. crude stockpiles fell by nearly 8 million barrels last week and exports surged by the most on record, gasoline inventories rose for a fifth straight week.
Crude has advanced alongside a broader rally across raw materials that’s driven the Bloomberg Commodity Spot Index to the highest in almost a decade. The earlier oil rally failed to break through key resistance levels, and prices flirting with the upper Bollinger band in recent sessions added to bearish pressures. The longer-term demand recovery continues to be underpinned in the U.S. by the rollout
Oil erases gain with growing U S gasoline stockpiles weighing bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
Oil rally pauses as investors weigh rising gasoline supplies
Andres Guerra Luz, Bloomberg News
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Oil was little changed, giving up earlier gains as traders assessed an increase in gasoline stockpiles and technical signals suggesting the commodityâs rally was due for a pullback.
Futures in London pared a gain of as much as 1.6 per cent after testing a run to the key psychological US$70-a-barrel mark. While an Energy Information Administration report on Wednesday showed U.S. crude stockpiles fell by nearly 8 million barrels last week and exports surged by the most on record, gasoline inventories rose for a fifth straight week.