Report

rss

Iraq News

Kurdistan

Economy

World

All News

Oil up more than 4% as US stockpiles fall

Category: Economy

Date: 2020-09-16T20:27:16+0000
Oil up more than 4% as US stockpiles fall

Shafaq News/ Oil prices jumped more than 4% on Wednesday, following a drawdown in U.S. crude and gasoline inventories and as Hurricane Sally forced a swath of U.S. offshore production to shut, Reuters reported.  

Brent crude LCOc1 settled at $42.22 a barrel, up $1.69, or 4.2%. U.S. crude CLc1 finished $1.88, or 4.9%.at $40.16 a barrel. 

U.S. crude stocks fell 4.4 million barrels last week to 496 million barrels, their lowest since April, the U.S. Energy Information Administration said, compared with analysts’ expectations in a Reuters poll for a 1.3 million-barrel rise, [EIA/S]. 

A by Reuters, Sally, which made landfall on the U.S. Gulf Coast as a Category 2 hurricane, also boosted oil prices as more than a quarter of offshore output shut due to the storm.  

Oil collapsed to historic lows as the coronavirus crisis hit demand. A record supply cut by OPEC and its allies, a grouping known as OPEC+, and an easing of lockdowns have helped Brent recover from a 21-year low below $16 in April. 


related

Oil gains on tight supply as U.S. driving season looms

Date: 2022-05-23 15:27:37
Oil gains on tight supply as U.S. driving season looms

OPEC forecasts oil demand rebound before post-2035 plateau

Date: 2021-09-28 15:09:14
OPEC forecasts oil demand rebound before post-2035 plateau

Lukoil in Q3: rebounds from Q2 losses and boosts oil output in Iraq

Date: 2020-11-24 13:23:42
Lukoil in Q3: rebounds from Q2 losses and boosts oil output in Iraq

Iraq ranks sixth in the world as the largest oil producer

Date: 2020-08-26 11:02:28
Iraq ranks sixth in the world as the largest oil producer

Iraq’ oil exports to the United States decline in the second week of January

Date: 2021-01-23 09:32:03
Iraq’ oil exports to the United States decline in the second week of January

Oil rebounds more than $1/bbl after Saudi price hike

Date: 2021-12-06 05:25:44
Oil rebounds more than $1/bbl after Saudi price hike

Oil prices slip 1% on bets that crude supply growth will exceed demand

Date: 2021-12-15 05:42:02
Oil prices slip 1% on bets that crude supply growth will exceed demand

Iraq to resume oil agreement with Jordan at $16 below the market price

Date: 2022-03-27 06:31:19
Iraq to resume oil agreement with Jordan at $16 below the market price