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Oil slides on US stockpiles build

Category: Economy

Date: 2021-02-24T06:14:13+0000
Oil slides on US stockpiles build

Shafaq News/ Oil prices fell on Wednesday after industry data showed a surprise build in U.S. crude stocks last week as a deep freeze in the southern states curbed demand from refineries that were forced to shut.

API data showed refinery crude runs fell by 2.2 million bpd.

U.S. West Texas Intermediate (WTI) crude futures were down 67 cents or 1.1% at $61.01 a barrel at 05:30 GMT, after slipping 3 cents on Tuesday.

Brent crude futures fell 50 cents, or 0.78%, to $63.99 a barrel, erasing Tuesday’s 13 cents gain.

Investors will be awaiting confirmation from the U.S. Energy Information Administration later on Wednesday that crude inventories rose last week, despite the hit to shale oil production amid the unprecedented icy spell in the U.S. south.

Prices have jumped due to the U.S. supply disruption and supply discipline by the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, led by an extra 1 million bpd cut by Saudi Arabia.

Optimism on the recovery of demand is drawn by the stimulus boosting development and vaccine rollouts easing ristrictions imposed by COVID-19 concerns.

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