Home Oil & Companies News Oil rises towards $75 as U.S. inventory drop counters virus worry

Oil rises towards $75 as U.S. inventory drop counters virus worry

Oil rises towards $75 as U.S. inventory drop counters virus worry

Oil rose towards $75 a barrel on Wednesday ahead of an industry report expected to show U.S. crude inventories dropped more than expected, bringing the focus back to a tight supply and demand balance rather than rising coronavirus infections.

U.S. crude stocks fell 4.7 million barrels, two market sources citing American Petroleum Institute figures said, more than analysts forecast. Official U.S. Energy Information Administration inventory figures are out at 1430 GMT.

“This price catalyst may inject some much-needed momentum into proceedings, especially after the API set a bullish tone,” said Stephen Brennock of broker PVM, referring to the EIA report.

Brent crude rose 34 cents, or 0.5%, to $74.82 a barrel at 0820 GMT, after posting on Tuesday its first decline in six days. U.S. West Texas Intermediate (WTI) crude advanced 40 cents, or 0.6%, to $72.05.

Oil has risen 44% this year, helped by demand recovery and supply curbs by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+.

OPEC+ agreed to increase supply by 400,000 barrels per day from August, unwinding more of last year’s record supply cut, but this is seen as too low by some analysts given the rebound in demand expected this year.

“Oil supply is likely to remain tight even with the production hikes set by OPEC+,” said Naeem Aslam of online broker Avatrade.

A rising number of coronavirus cases worldwide, despite vaccination programmes, has limited the upside for oil and remains a concern.

As well as the EIA report, a statement from a U.S. Federal Reserve policy meeting due at 1800 GMT will also be in focus. The dollar was firmer ahead of the meeting, which tends to weigh on oil as it makes crude more expensive for other currency holders.
Source: Reuters (Additional reporting by Sonali Paul in Melbourne and Koustav Samanta in Singapore; Editing by Carmel Crimmins)

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

actress jyothi orgymovs.info telugu aunty xvideos hinbi sax ganstavideos.com sexxx vdo مقاطع سكس امهات felltube.com افلام جنسية مترجمة عربى dasesaxe xxxhindiporn.net porn video 3gp xxxnew pinkpix.net bangladeshi blue flim
www com xxx vdeo tubepornfilm.mobi freshpornclips نيك حامد freesextube.org ام تتناك india sex live bigassporntrends.com hidi xxx com bukkake comics hentaiclan.com supergirl hentai comic سكس حفله muarab.net نيك من السباك
ng bahay pinoyteleseryelove.com deped laptop mallu actress hot video dirtygfs.net london sex video brawling go 112 hentaihug.com sister cleaire karla estrada children replayteleserye.com gagamit سكس ميا arabianporns.com شم طيز