5.9 C
New York

Oil edges lower after OPEC report, U.S. stocks draw supports By Reuters

Must read

Tornado and Flood Threat Today and Tonight

 As of 10:25am, here is the flood threat area we've been forecasting for the past week.Red is a flash flood warning. Immediate action needed...

DeSantis Rips ‘Failed Republican Establishment’ In the course of CPAC Speech

Florida Governor Ron DeSantis tore into the anti-Trump wing of the GOP, deriding them as the “failed Republican establishment” through a speech at the...

Russian Domestic Violence Victim’s Dying Blamed On Law enforcement That Dismissed Repeated Phone calls From Concerned Neighbors : worldnews

How about "violent folks, depart their things on your doorstep or meet in community if you believe you might assault or murder them". Quit...

How to know if my bearded dragon likes me

Lizards are not the most expressive of creatures which leaves quite a few proprietors thinking “how do I know if my bearded dragon likes...

© Reuters. FILE PHOTO: The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County

By Aaron Sheldrick

TOKYO (Reuters) – Crude oil prices slipped on Thursday after OPEC said it expected demand for fuels to fall more than expected, although U.S. government data showing a fall in inventories suggested demand is returning despite the coronavirus pandemic.

Brent crude () was down 8 cents at $45.35 a barrel by 0726 GMT, after a gain of around 2% in the previous session. West Texas Intermediate () oil was down by 4 cents at $42.62 a barrel after gaining 2.6% on Wednesday.

The Organization of the Petroleum Exporting Countries (OPEC)said in a monthly report that world oil demand will fall by 9.06 million bpd this year, more than the 8.95 million bpd decline expected a month ago.

“OPEC released a bearish monthly forecast which indicated that world oil demand will fall more steeply in 2020 than previously forecasted due to the coronavirus and there are doubts about next year’s recovery,” said Avtar Sandu, senior manager commodities at Phillip Futures.

Still, U.S. crude oil, gasoline and distillate inventories fell last week as refiners ramped up production and demand improved, a government report showed. [EIA/S]

U.S. fuel demand rose to 19.37 million barrels per day last week, the highest since March, data from the Energy Information Administration (EIA) showed, while crude output fell to 10.7 million barrels per day (bpd) from 11 million bpd.

Crude inventories fell by 4.5 million barrels, compared with analysts’ expectations in a Reuters poll for a 2.9 million-barrel drop.

The EIA’s downward revision on Tuesday to a key U.S. oil production forecast for this year is helping support prices.

U.S. crude production is forecast decline by 990,000 bpd this year to 11.26 million bpd, steeper than the 600,000 bpd decline it forecast last month, which indicated that world oil demand remains questionable.

Increasing uncertainty over a stalemate in Washington on a stimulus package to support recovery from the deepest impact of the coronavirus pandemic may also weigh on prices, analysts said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Some Exciting Offer For You

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

49 + = 57

Latest article

Tornado and Flood Threat Today and Tonight

 As of 10:25am, here is the flood threat area we've been forecasting for the past week.Red is a flash flood warning. Immediate action needed...

DeSantis Rips ‘Failed Republican Establishment’ In the course of CPAC Speech

Florida Governor Ron DeSantis tore into the anti-Trump wing of the GOP, deriding them as the “failed Republican establishment” through a speech at the...

Russian Domestic Violence Victim’s Dying Blamed On Law enforcement That Dismissed Repeated Phone calls From Concerned Neighbors : worldnews

How about "violent folks, depart their things on your doorstep or meet in community if you believe you might assault or murder them". Quit...

How to know if my bearded dragon likes me

Lizards are not the most expressive of creatures which leaves quite a few proprietors thinking “how do I know if my bearded dragon likes...