Oil turns higher ahead of EIA weekly report

2021-04-07 13:08:48 GMT (Economies.com)
Oil turns higher ahead of EIA weekly report

Oil prices turned higher as the US market opened on Wednesday, extending gains for the second straight day, after preliminary data showed a drop in the US crude inventories, ahead of the release of the EIA weekly report.

 

US crude rose 1.3% to $ 60.02 a barrel, after opening at $59.22, and hit a low at $58.81, and Brent crude rose 1.5% to $63.52 a barrel, after opening at $62.58, and hit a low of $62.24.

 

US crude gained 0.7% yesterday, within recovery attempts from a 2-week low of $57.65, and Brent crude futures rose 0.75%, after hitting the lowest since March 25 at $61.28.

 

The American Petroleum Institute (API) revealed yesterday in preliminary data that the US crude inventories fell 2.6 million barrels during the week ending April 2, beating forecasts of a drop by 0.7 million barrels.

 

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

 

The US production rose 100K barrels last week, with a total at the highest level of since the week ending November 27 at 11.1 million barrels per day.

 
 
 
  Symbol Last Change Chg.%
1.1977
0.0066
0.5579%
1.3783
0.0035
0.2560%
Tadawul
9847.62
27.59
0.28%
25.419
0.324
1.289%
62.896
2.506
4.150%
66.41
2.75
4.32%
1736.710
-0.225
0.013%
 
 
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