Oil falls to 1-week low ahead of US inventories data

2021-05-11 13:53:50 GMT (Economies.com)
Oil falls to 1-week low ahead of US inventories data

Oil prices continued to fall as the US market opened on Tuesday, to resume losses and fall to a 1-week low on concerns over weak demand in India, as the Covid-19 crisis continues to worsen, which forced the government to tighten the lockdown restrictions all over the country, ahead of the US crude inventories data by the American Petroleum Institute.

 

US crude fell 1.5% to $63.90, after opening at $64.89, and hit a day high at $64.99, and Brent crude fell 1.1% to the lowest since May 4 at $67.38, after opening at $68.28, and hit a day high at $68.36.

 

US crude gained 0.1% yesterday, and Brent crude futures rose less than 0.1%, in the first gain in 4 days, after a cyberattack forced Colonial Pipeline company to shutdown the main US pipelines.

 

The coronavirus crisis continued to escalate in India despite local and global efforts to contain it, with rising new cases and deaths to new record levels.

 

Covid-19 cases have surpassed 23 million people, which makes India the second worst country impacted by the pandemic.

 

With overwhelmed hospitals and morgues, and deaths continued to mount, the Indian authorities tightened the lockdown restrictions in large parts of India, which weighs down on fuel demand in the world's third largest oil consumer, which forced refiners to cut operations.

 

The American Petroleum Institute will release its preliminary report on the US crude inventories, amid the US Energy Information Administration will release the official data on Wednesday.

 
 
 
  Symbol Last Change Chg.%
1.1931
0.0029
0.2432%
1.3917
0.0023
0.1684%
Tadawul
10919.68
6.62
0.06%
25.953
-0.036
0.139%
73.504
1.678
2.336%
75.56
0.32
0.43%
1774.975
-3.415
0.192%
 
 
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