Report

rss

Iraq News

Kurdistan

Economy

World

All News

Oil prices climb after API data shows surprise drop in U.S. stocks

Category: Economy

Date: 2022-02-09T05:38:58+0000
Oil prices climb after API data shows surprise drop in U.S. stocks

Shafaq News / Oil prices climbed on Wednesday after two sessions of losses as industry data showed an unexpected drop in U.S. crude and fuel stocks, offsetting concerns of a possible rise in supplies from Iran.

Brent crude futures rose 41 cents, or 0.5%, to $91.19 a barrel by 0422 GMT, while U.S. West Texas Intermediate crude was at $89.74 a barrel, up 38 cents, or 0.4%.

"Undersupply is the key factor that has pumped up the oil price," said Tina Teng, an analyst at CMC Markets.

U.S. crude, gasoline and distillate stocks fell last week, according to market sources citing American Petroleum Institute figures on Tuesday. Crude inventories fell 2 million barrels, according to API, versus analysts' expectations of a 400,000-barrel increase.

More data from the U.S. EIA will be available at 10:30 a.m. EST (1530 GMT).

Still, concerns about a possible Iran nuclear deal that could unleash more oil into global markets weighed on prices.

Source: Reuters

related

Oil prices sink $2/bbl on possible Iran oil exports, rising interest rates

Date: 2022-08-25 20:47:24
Oil prices sink $2/bbl on possible Iran oil exports, rising interest rates

Oil prices slip on hot U.S. inflation concerns, set for weekly fall

Date: 2022-02-11 08:09:20
Oil prices slip on hot U.S. inflation concerns, set for weekly fall

Oil prices extend gains on COVID vaccine hopes

Date: 2020-11-23 06:21:28
Oil prices extend gains on COVID vaccine hopes

Oil rises but fears of weaker demand limit gains

Date: 2022-05-13 06:35:33
Oil rises but fears of weaker demand limit gains

Basra crudes gain amid rising International crude prices

Date: 2021-06-12 08:09:24
Basra crudes gain amid rising International crude prices

Oil prices rise ahead of potential large U.S. rate hike

Date: 2022-07-14 05:53:00
Oil prices rise ahead of potential large U.S. rate hike

Oil prices rise to three-year high on back of supply deficit forecasts

Date: 2021-10-16 07:20:04
Oil prices rise to three-year high on back of supply deficit forecasts

Oil falls 3rd day on U.S. stock build, surging COVID-19 cases

Date: 2021-04-22 06:06:04
Oil falls 3rd day on U.S. stock build, surging COVID-19 cases