Report

rss

Iraq News

Kurdistan

Economy

World

All News

Oil falls as U.S. inventory build prompts profit

Category: Economy

Date: 2022-01-21T05:14:38+0000
Oil falls as U.S. inventory build prompts profit

Shafaq News / Oil prices plunged on Friday, after rising to seven-year highs this week, as an increase in U.S. crude and fuel stockpiles prompted investors to take profits from the rally.

Brent crude futures dropped $2.46, or 2.8%, to $85.92 a barrel by 0136 GMT. The contract earlier fell by as much as 3%, the most since Dec. 20. The global benchmark touched $89.50 a barrel on Thursday, its highest since October 2014.

U.S. West Texas Intermediate (WTI) crude futures slid $2.61, or 3.1%, to $82.94 a barrel. The contract earlier fell as much as 3.2%, also the most since Dec. 20, after rising to its highest since October 2014 on Wednesday.

The recent rally in crude prices appeared to run out of steam on Thursday when Brent and WTI ended the trading session with slim losses. Both benchmarks have gained more than 10% so far this year amid concerns over tight supply.

Gasoline inventories in the United States, the world's biggest oil consumer, rose by 5.9 million barrels, to their highest since February 2021, according to the U.S. Energy Information Administration (EIA). Crude stockpiles rose by 515,000 barrels last week, against industry expectations.

The EIA also reported a slight decline in refinery runs, indicating lower demand for crude.

Source: Reuters

related

Crude Oil Steadies After Four-Day Slump

Date: 2021-08-18 06:24:09
Crude Oil Steadies After Four-Day Slump

Iraqi oil recorded the highest price among OPEC

Date: 2021-02-23 09:10:30
Iraqi oil recorded the highest price among OPEC

Oil prices climb as Iran nuclear talks drag on

Date: 2021-06-21 05:56:05
Oil prices climb as Iran nuclear talks drag on

Oil prices edge lower as mass COVID-19 testing begins in China

Date: 2022-04-28 06:04:41
Oil prices edge lower as mass COVID-19 testing begins in China

Oil prices of OPEC Members

Date: 2021-05-22 08:22:19
Oil prices of OPEC Members

Oil's bull run rolls on despite possible China reserves release

Date: 2022-01-15 07:04:32
Oil's bull run rolls on despite possible China reserves release

Oil prices may drop soon due to COVID-19 second wave

Date: 2020-11-02 19:46:26
Oil prices may drop soon due to COVID-19 second wave

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