Oil falls ahead of EIA weekly report

2021-10-27 12:57:31 GMT (Economies.com)
Oil falls ahead of EIA weekly report

Oil prices continued to fall as the US market opened on Wednesday, with the US crude pulling back from its 7-year high, while Brent is headed toward its first daily loss in 4 days, weighed down by a build in US crude inventories, according to the American Petroleum Institute's preliminary data, and ahead of the Energy Information Administration's official report later today.

 

US crude fell 1.4% to $83.14 a barrel, after opening at $84.34, and hit a high at $84.48, and Brent crude fell 1% to $85.16 a barrel, after opening at $86.00, and hit a low at $86.26.

 

The US crude gained 0.9% yesterday, and Brent crude rose 0.25%, in the third straight daily gain.

 

The American Petroleum Institute reported in preliminary data that the US crude inventories rose 2.3 million barrels to 434.5 million barrels during the week ending October 22, which is the highest level since the week ending August 20, while analysts forecast a rise by 1.9 million barrels.

 

The US Energy Information Administration's official data will be released later today, amid forecasts for inventories to rise by 2 million barrels.

 

While the US output fell 100,000 barrels last week, with the total at 11.3 million barrels per day.

 
 
 
  Symbol Last Change Chg.%
1.1311
0.0041
0.3620%
1.3313
0.0003
0.0203%
Tadawul
10810.60
-60.02
0.55%
22.899
-0.146
0.633%
68.598
-3.803
5.253%
72.22
-1.22
1.66%
1793.360
8.270
0.463%
 
 
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