Oil rises for second straight day after US inventories fall

Economies.com
2021-09-22 09:07AM UTC

Oil prices rose on Wednesday, for the second day in a row, after the release of preliminary data that showed a drop  in the US crude inventories, and ahead of the EIA's weekly report.

 

US crude rose 1.3% to $71.78 a barrel, after opening at $70.83, and hit a low at $70.67, and Brent crude rose 1.4% to $74.54 a barrel, after opening at $74.54, and hit a low at $74.51.

 

The US crude gained 0.4% yesterday, and Brent crude rose 0.8%, in the first gain in 3 days, as most dollar-denominated commodities rose.

 

The American Petroleum Institute reported in preliminary data that the US crude inventories fell 6.1 million barrels during the week ending September 17, while analysts forecast a drop by 3.8 million barrels.

 

The total US commercial inventories fell to 418.5 million barrels, which is the lowest level since the week ending September 27, 2019, in a positive sign of the US domestic demand.

 

The US Energy Information Administration's official data will be released later today, amid forecasts for inventories to drop by 3.3 million barrels.

Commodities News

Gold News

Commodities

Gold hits fresh record highs, marking a 6% quarterly profit
2024-03-28 20:28PM UTC
Gold Prices Gold prices rose on Thursday to fresh record highs while the dollar eked out gains ...
Copper News

Commodities

Copper edges up while facing pressures from Chinese demand concerns
2024-03-28 16:45PM UTC
Copper prices rose modestly on Thursday while the dollar gained ground, with ongoing concerns about ...
Oil News

Commodities

Oil prices extend gains after strong US growth data
2024-03-28 13:03PM UTC
Global Oil Prices Global oil prices extended their gains in American trade on Thursday and hit ...

Commodities Technical Analysis

Technical Analysis

Commodities

Wheat price returns to the bullish correction – Forecast today - 29-03-2024
2024-03-29 01:50AM UTC
Wheat Price Analysis Expected Scenario: Continuing Bullish Momentum Wheat price rallied ...
Technical Analysis

Commodities

Sugar price completes the positive pattern – Forecast today - 29-03-2024
2024-03-29 01:49AM UTC
Sugar Price Analysis Expected Scenario: Continuing Bullish Trend Sugar price managed to breach ...
Technical Analysis

Commodities

Soybean price keeps the positive stability – Forecast today - 29-03-2024
2024-03-29 01:49AM UTC
Soybean Price Analysis Expected Scenario: Continuing Bullish Trend Soybean price attempted to ...