Skip to main content

Crude oil continues its bullish run, U.S crude inventories drop


Crude oil price continued its bullish run on Thursday morning after data showed that America’s crude inventories dropped again, easing worries about an oil supply glut.

Brent crude futures gained 0.59%, at $35.96 per barrel, while the U.S. West Texas Intermediate (WTI) crude futures also gained 1.07%, at $33.85 a barrel.

America’s crude inventories dropped by 5 million barrels last week, against expectations in a Reuters poll for a 1.2 million-barrel rise, according to data released by the Energy Information Administration. 

While signs that WTI storage pressures are abating is positive for prices, the latest report shows that the fall in stocks owes more to supply factors than growing product demand,” Capital Economics said in a note issued on Wednesday.

“OPEC itself is hopeful that the rally in prices will continue and strong compliance to output cut pledges will be followed by its members,” OPEC’s secretary-general said.

“We expect this to be the story for some time yet as OPEC+ cuts help to put a floor under prices in the second half of this year,” Capital Economics said.

However, there are concerns that the economic fallouts from the CoVID-19 pandemic, especially in America, (the world’s largest economy and biggest oil consumer), have limited crude oil bullish run. [nairametrics]

Labels:

Comments

Post a Comment

Popular posts from this blog

The Real Winner of the Democratic Debate: President Obama   More Sanders Snarks as Democratic Debate Gets Heated Democratic Candidates Court Black Voters at Debate Clinton and Sanders Walk a Careful Line on Women at Debate There were only two Democrats on the debate stage in Milwaukee on Thursday night, but they should have brought a third podium for President Obama. Coming back from a landslide defeat in the New Hampshire primary, former Secretary of State Hillary Clinton doggedly criticized Vermont Senator Bernie Sanders on areas where he’d split with Obama while duct-taping herself to the President’s legacy on issues as varied as foreign policy , health care and Wall Street . Sanders, for his part, did his best to hold his ground, justifying his criticism of the President and presenting himself as a change agent while pointing out Clinton’s own differences with Obama. Their heated exchanges over Obama’s legacy reflected how the President has b...
Post a Comment
Read more

MAN CITY SET NEW PREMIER LEAGUE RECORD IN SWANSEA THRASHING

Manchester City passed Swansea City off the pitch on Sunday to set a new Premier League benchmark.  The Etihad Stadium had a party atmosphere this weekend as the new champions took to the field for the first And those celebrations apparently filtered down to their players, who enjoyed every minute of a vintage 5-0 victory over the Swans It marks the first time since 2003-4 that a team have managed so many completed passes, and contributed to a dominant 83% share of possession which is also a new 14-year high as the visitors barely touched the ball over the 90 minutes. Swansea in comparison attempted just 202 passes, less than a fifth of the 1015 tried by their opponents - the first time any side have beaten the thousand mark. One of City's goalscorers was Kevin De Bruyne, who has had a season to remember at the heart of the side's midfield.  De Bruyne netted from outside the area for the fifth time this season in the Premier League, more t...
Post a Comment
Read more

‘Glee’ actress Naya Rivera is missing after renting a boat with 4-year-old son in Lake Piru

Officials are looking for actress Naya Rivera after she rented a boat with her 4-year-old son in Lake Piru. (Taylor Jewell / Associated Press) Officials are searching for actress Naya Rivera after her 4-year-old son was found alone on a boat she rented Wednesday afternoon, officials said. Rivera rented the boat about 1 p.m. and had an afternoon of swimming with her son, who was the last to see her before she went missing, said Ventura County Sheriff’s Department Capt. Eric Buschow. Buschow said the boy got back onto the boat after a swim but his mother did not follow. “We’re going on the belief that she did go in the water and we have not been able to locate her. So this may well be a case of drowning,” Buschow told reporters. The 4-year-old was found sleeping on the boat by himself by other boaters in the lake. “He’s in good health,” Bushow said of Rivera’s son. The boy was initially reported by authorities to be a 3-year-old girl. “The family is going through a ver...
Post a Comment
Read more