Oil falls despite US inventories draw
Oil prices fell on Wednesday, and gave up their early gains, despite a drop in the US crude inventories.
The Energy Information Administration reported today that the US crude inventories fell 3.5 million barrels to 498.3 million barrels during the past week, while analysts forecasts a drop by 700K barrels.
While the American Petroleum Institute reported yesterday in preliminary data that the US crude inventories fell 2.6 million barrels during the same period.
The dollar index held against a basket of currencies at 92.3 points as of 16:44 GMT, after it hit a high of 92.4 points and a low of 92.2 points.
As of 16:42 GMT, WTI crude April futures fell 0.7% to $58.9 a barrel, after hitting a high of $60.04 and a low of $58.1.
Brent May futures fell 0.6% to $62.3 a barrel, after hitting a high of $63.5 and a low of $61.6.
US oil inventories fall last week - EIA
The Energy Information Administration reported today that the US crude inventories fell 3.5 million barrels to 498.3 million barrels during the past week, while analysts forecasts a drop by 700K barrels.
Gasoline stocks rose 4 million barrels to 234.6 million barrels, and the distillate stocks rose 1.5 million barrels to 145.5 million barrels.
While the American Petroleum Institute reported yesterday in preliminary data that the US crude inventories fell 2.6 million barrels during the same period.
Nickel rises more than 3% as dollar falls
Nickel prices rose on Thursday, as the US dollar fell against its major peers.
US President Joe Biden revealed recently a massive plan to spend nearly $2 trillion on infrastructure.
Countries around the world are ramping up their efforts to contain the Covid-19 pandemic.
Car manufacturers continue to secure their nickel supplies, as it heavily used in the manufacturing of its electric vehicles batteries.
The dollar index fell against a basket of currencies by 0.1% to 92.3 points as of 13:38 GMT, after it hit a high of 92.4 points and a low of 92.2 points.
As of 13:49 GMT, nickel spot futures rose 3.9% to $16,637 per tonne.
US stocks open on stable note
US stock indices opened stable on Wednesday, amid optimism about the US economic growth.
The International Monetary Fund raised its projections for the global GDP to grow by 6%, and estimated the US economy to grow to 6.4% in 2021.
US President Joe Biden revealed recently a massive plan to spend nearly $2 trillion on infrastructure.
The US trade balance recorded a deficit by $71.1 billion in February, missing forecasts of $70.2 billion.
As for stocks, Dow Jones rose less than 0.1% or 17 points to 33,447 as of 14:08 GMT, Nasdaq rose 0.1% or 5 points to 13,703, and S&P 500 rose 0.1% or 3 points to 4,077.