Reuters Oil prices fell on Wednesday after US crude oil stockpiles rose more than expected, even as fuel inventories dropped and tanks at the nation’s largest storage hub emptied further. The bigger-than-expected rise in US crude stocks gave some investors an impetus to unload long positions after strong gains in recent weeks brought both the Brent and US crude benchmarks
Reuters Crude inventories fell by 4.6 million barrels in the week to Jan. 7 to 413.3 million barrels, compared with analysts’ expectations in a Reuters poll for a 1.9 million-barrel drop. US crude inventories have dropped for seven consecutive weeks, and overall inventories have been tightening across the globe as major producers struggle to increase supply even as demand
Reuters NEW YORK – Oil prices slipped on Thursday after industry data showed a surprise increase in U.S. crude inventories that revived pandemic-related fuel demand concerns, while U.S. stimulus hopes buoyed prices. Brent crude futures fell 3 cents to $56.05 a barrel by 11:27 a.m. EST (1627 GMT). U.S. West Texas Intermediate (WTI) crude futures fell 14 cents to $53.17
Reuters U.S. crude oil stockpiles rose unexpectedly last week to an all-time high as refiners boosted imports, particularly from Saudi Arabia, while exports dropped to lows not seen since November. The Energy Information Administration also said on Wednesday that refined product demand ticked up, but still remained far below normal levels. Crude inventories rose 5.7 million barrels in the week
Source: Houston Chronicle Oil traded near $56 a barrel in New York as weak economic data from Germany added to concerns over slowing global fuel demand, tempering the boost from a surprise pullback in U.S. crude stockpiles. Futures recouped earlier losses of 1% as equities strengthened on positive corporate results, yet remained capped by economic worries as IHS Markit’s measure
