Oil prices have been levelling off the last couple of days after enjoying a strong rebound from last Monday’s sell-off. There hasn’t really been much development on this front since the start of the week. Oil, like other risk assets, has been in wait-and-see mode, something that will likely change in the coming hours and days. The API inventory data may ...
tweet at 4:30pm: #API #Crude -4.728M #Cushing -0.126M #Gasoline -6.226M #Distillate -1.882M #OOTT #OIL $CL_FWTI Extends Intraday Rebound After Bigger Than Expected Crude, Gasoline Draws Oil prices ended relatively unchanged today, despite some significant swings intraday as investors worried that global demand could be dented by surging COVID-19 cases, even though supplies are tightening and vaccination rates rising. "The API inventory data may jolt crude prices back into life," said Craig Erlam, senior analyst at OANDA. • Crude -4.728mm (-2.55mm exp) • Cushing -126k • Gasoline -6.226mm • Distillates -1.882mm Despite last week's surprise build, analysts expected crude to resume its series of inventory draws in the last week. Both crude and gasoline stocks saw a bigger than expected inventory drawdown... chart
Crude oil price on the Brent benchmark is slightly lower this Tuesday, as traders sit on the sidelines to wait for the outcome of the FOMC meeting. Before today crude oil prices have been on the upside for four straight days as concerns over tight supply outweigh the demand concerns arising from rising coronavirus cases worldwide. Economies are continuing ...
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