Report

rss

Iraq News

Kurdistan

Economy

World

All News

Oil ends little changed, U.S. oil inventories fall

Category: Economy

Date: 2021-05-06T05:56:13+0000
Oil ends little changed, U.S. oil inventories fall

Shafaq News / Oil ended little changed on Wednesday after two days of gains despite a sharp drawdown in U.S. crude stocks, as the market weighs the outlook for demand with coronavirus infections still surging worldwide, Reuters reported. 

Both Brent and U.S. futures contracts hit their highest levels since mid-March in intraday trade before retreating. The $70-per-barrel mark has acted as a barrier for the market since March, with investors unwilling to push oil higher as COVID-19 cases increase in parts of the world.

Brent crude settled at $68.96 a barrel, up 8 cents. U.S. West Texas Intermediate (WTI) crude settled at $65.63 a barrel, down 6 cents.

U.S. crude inventories fell by 8 million barrels in the most recent week, exceeding expectations for a 2.3 million-barrel drop, the Energy Information Administration said. Exports rose to 4.1 million bpd, the most since March of last year, and refining output was at its highest since that month as well.

Pandemic-related restrictions in the United States and parts of Europe are easing, but infections are still on the rise in major crude oil importers India and Japan.

The rise in oil prices to nearly two-month highs has been supported by COVID-19 vaccine rollouts.

Euro zone business activity accelerated last month as the bloc's dominant services industry shrugged off renewed lockdowns and returned to growth.

India, the world’s third-largest oil consumer, is battling a surge in COVID-19 infections. The country’s oil imports in March rose from the previous month, buoyed by an upturn in economic activity, but are expected to drop again because of renewed lockdowns.

related

Oil drops driven by fears of reduced demand amid tighter restrictions to curb the new strain of SARS-Cov-2

Date: 2020-12-22 06:10:38
Oil drops driven by fears of reduced demand amid tighter restrictions to curb the new strain of SARS-Cov-2

Oil rises as investors focus on OPEC+ decision amid growing Omicron fears

Date: 2021-12-02 06:34:31
Oil rises as investors focus on OPEC+ decision amid growing Omicron fears

Iraq's oil exports rose 2% in June

Date: 2022-07-04 10:22:37
Iraq's oil exports rose 2% in June

OPEC+ Raises Oil Production By Most In 7 Months

Date: 2022-03-10 07:17:51
OPEC+ Raises Oil Production By Most In 7 Months

Oil drops after OPEC+ reaffirms supply return as demand wavers

Date: 2021-09-02 05:56:05
Oil drops after OPEC+ reaffirms supply return as demand wavers

Iraq oil exports to US reached 230 thousand barrels/day in the first half of 2020

Date: 2020-09-27 09:31:21
Iraq oil exports to US reached 230 thousand barrels/day in the first half of 2020

OPEC says IEA net-zero pathway could add to oil-price volatility

Date: 2021-05-20 17:41:47
OPEC says IEA net-zero pathway could add to oil-price volatility

Oil falls to two-week low on U.S. inventory shock, COVID-19 case rise

Date: 2021-10-28 07:54:04
Oil falls to two-week low on U.S. inventory shock, COVID-19 case rise