Oil fall amid oversupply fears in the US

2021-11-25 13:53:51 GMT (Economies.com)
Oil fall amid oversupply fears in the US

Oil prices continued to fall as the US market opened on Thursday, deepening losses for the second day in a row, due to US oversupply worries, after a surprise build in the US crude inventories, and the recent decision to tap the country's strategic fuel reserves.

 

US crude fell 0.7% to $77.79 a barrel, after opening at $78.32, and hit a high at $78.62, and Brent crude fell more than 0.5% to $81.72 a barrel, after opening at $82.17, and hit a high at $82.57.

 

US crude lost 0.25% yesterday, and Brent crude fell 0.1% after the US Energy Information Administration's weekly report. 

 

The US Energy Information Administration reported today that the US crude inventories rose 1 million barrels during the past week, while analysts forecast a drop by 1.7 million barrels.

 

While the US output rose 100K barrels last week, with the total at 11.5 million barrels per day.

 

The White House announced on Tuesday that it has decided to release 50 million barrels from the Strategic Petroleum Reserve, 32 million barrels will be an exchange over the next several months, and 18 million barrels will be an acceleration into the next several months of a sale of oil that Congress had previously authorized.

 

The US decision came in coordination with China, Japan, India, South Korea and the UK aimed at easing energy prices and curbing inflation.

 
 
 
  Symbol Last Change Chg.%
1.1292
0.0049
0.4339%
1.3338
-0.0068
0.5042%
Tadawul
11299.45
-68.73
0.60%
23.648
-0.839
3.428%
74.176
-1.674
2.207%
77.55
-4.71
5.73%
1808.835
-9.000
0.495%
 
 
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