Oil resumes gains after US inventories drop

Economies.com
2021-06-17 10:04AM UTC

Oil prices rose on Thursday, and resumed their rally after taking a pause yesterday due to profit-taking from multi-year highs, following a large drop in the US crude inventories.

 

US crude rose 0.8% to $72.22 a barrel, after opening at $71.67, and hit a low at $71.36, and Brent crude rose 0.9% to $74.44 a barrel, after opening at $73.78, and hit a low at $73.58.

 

The US crude lost 1.1% yesterday, on profit taking from a 3-yar high at $72.96, and Brent crude fell 0.5% after hitting the highest since April 2019 at $74.94.

 

Oil prices fell on Wednesday due to profit-taking and the US dollar's broad rally against a basket of currencies, after the Federal Reserve released positive projections.

 

The Energy Information Administration reported yesterday that the US crude inventories fell 7.4 million barrels during the past week, while analysts forecasts a drop by 2.1 million barrels.

 

The total commercial inventories fell to the lowest level since the week ending on February 19 at 466.6 million barrels, in a positive sign of the US demand levels.

 

While the US output rose by 200K barrels per day last week, with the total at the highest level since May 2020 at 11.2 million barrels per day.

Forex and Currency News

EUR/JPY news

Forex

Euro scales 16-year peak against yen
2024-04-25 07:51AM UTC
Euro rallied in Asian trade on Thursday against the yen, extending gains for the fifth straight ...
EUR/USD news

Forex

Euro parks at two-week high amid positive sentiment
2024-04-24 07:41AM UTC
Euro rose in European trade on Wednesday, widening gains for the fourth straight session and ...
AUD/USD news

Forex

Aussie gains ground despite mixed data
2024-04-23 20:58PM UTC
The Australian dollar rose against a basket of major rivals on Tuesday following mixed ...

Forex Technical Analysis

Technical Analysis

Forex

The GBPAUD prepares to decline – Forecast today – 25-4-2024
2024-04-25 05:48AM UTC
GBPAUD Price Analysis The GBPAUD price confirmed its surrender to the domination of the bearish ...
EUR JPY Analysis

Forex

The EURJPY achieves big gains – Forecast today – 25-4-2024
2024-04-25 05:42AM UTC
EURJPY Pair Analysis The EURJPY pair succeeded to resume the bullish attack since this morning ...
GBP JPY Analysis

Forex

The GBPJPY resumes the rise – Forecast today – 25-4-2024
2024-04-25 05:41AM UTC
GBPJPY Pair Analysis The GBPJPY pair took advantage of the frequent positive pressures to ...