Report

rss

Iraq News

Kurdistan

Economy

World

All News

Oil dips after surprise rise in U.S. crude stocks; focus on Biden, stimulus

Category: Economy

Date: 2021-01-21T06:21:36+0000
Oil dips after surprise rise in U.S. crude stocks; focus on Biden, stimulus

Shafaq News/ Oil slipped on Thursday after industry data showed a surprise build in U.S. crude inventories that reignited pandemic-led demand concerns, but stimulus hopes in the United States limited the downturn in prices.

U.S. West Texas Intermediate (WTI) crude futures fell 15 cents, or 0.28%, to $53.16 a barrel at 0545 GMT, following two days of gains on expectations of massive COVID-19 relief spending under new U.S. President Joe Biden.

Brent crude futures dropped 10 cents, or 0.20%, to $55.96 a barrel.

U.S. crude oil inventories rose 2.6 million barrels in the week to Jan. 15, according to data from the American Petroleum Institute, an industry group, compared with analysts’ forecasts in a Reuters poll for a fall of 1.2 million barrels. 

“Oil prices look a tad vulnerable to potential profit-taking after U.S. crude stockpiles bearishly rose 2.56 million against consensus draw,” Axi chief market strategist Stephen Innes said in a note to clients.

However gasoline stocks and distillate inventories, which include diesel, distillate and jet fuel, rose by less than analysts had expected.

The U.S. Energy Information Administration is due to release its weekly inventory report on Friday.

“Holding the market back are also persistent worries over demand,” said Warren Patterson, head of commodities strategy at ING, adding that concerns have grown with a rise in COVID-19 cases in China leading to targeted lockdowns.

“The government will be keen to get any outbreaks under control, particularly with the Chinese New Year fast approaching,” he said.

Elsewhere, the Biden administration has committed to curb carbon emissions and among his first actions as president, Biden announced America’s return to the Paris climate accord and revoked a permit for the Keystone XL oil pipeline project from Canada.

The administration is also committed to ending new oil and gas leasing on federal lands, Biden’s press secretary said, although Biden has not laid out a timeline for achieving that goal.

Source: Reuters, prices updated by Shafaq News Agency

related

OPEC's share of Indian oil imports falls to lowest in 15 years

Date: 2022-01-22 06:19:59
OPEC's share of Indian oil imports falls to lowest in 15 years

Russian giant expects stability in Iraq and resume development of an oil field

Date: 2020-02-11 12:53:01
Russian giant expects stability in Iraq and resume development of an oil field

Iraq to reduce 400,000 barrel from its oil production

Date: 2020-08-06 15:41:05
Iraq to reduce 400,000 barrel from its oil production

Oil prices rebound after sharp losses as supply concerns dominate

Date: 2022-04-20 06:02:54
Oil prices rebound after sharp losses as supply concerns dominate

Officially: Iraq to double its fuel supplies to Lebanon

Date: 2021-06-09 17:05:36
Officially: Iraq to double its fuel supplies to Lebanon

Oil inches up after 5% slide overnight as hurricane shuts U.S. output

Date: 2020-10-29 06:50:25
Oil inches up after 5% slide overnight as hurricane shuts U.S. output

Iraq' oil exports to the United States decreased to zero in the past week

Date: 2021-10-02 06:26:13
Iraq' oil exports to the United States decreased to zero in the past week

Oil rises as full U.S. clearance for COVID-19 vaccine stokes fuel demand hopes

Date: 2021-08-24 05:46:15
Oil rises as full U.S. clearance for COVID-19 vaccine stokes fuel demand hopes