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

Oil rises before the OPEC + meeting

Date: 2020-09-14 06:14:08
Oil rises before the OPEC + meeting

Oil drops with surging COVID-19 cases raising doubts on demand

Date: 2021-04-19 08:54:16
Oil drops with surging COVID-19 cases raising doubts on demand

Oil prices jump due to reports of an effective drug to treat people with corona

Date: 2020-02-05 17:16:15
Oil prices jump due to reports of an effective drug to treat people with corona

Oil gains for fifth day amid supply constraints

Date: 2021-09-27 06:45:37
Oil gains for fifth day amid supply constraints

Oil rises as OPEC+ decides on production policy

Date: 2021-04-02 08:35:10
Oil rises as OPEC+ decides on production policy

Oil hits 7-year peak on political risks, supply crunch

Date: 2022-01-29 06:59:44
Oil hits 7-year peak on political risks, supply crunch

Oil ends higher after a day of wild swings on OPEC

Date: 2021-12-03 05:25:29
Oil ends higher after a day of wild swings on OPEC

Iraqi Minister of Oil receives Kurdistan's Minister of Oil resources

Date: 2021-08-08 15:10:37
Iraqi Minister of Oil receives Kurdistan's Minister of Oil resources