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Increase in oil prices was recorded after an increase in trading volatility due to the publication of a report by the US Ministry of Energy on oil reserves. The April futures for Brent crude rose in price by 0.73% and reached $62.43 per barrel. March futures for WTI crude went up by 0.65% and exceeded $54 per barrel. The Ministry of Energy published data according to which oil reserves in the United States increased by 1.26 million barrels. Experts polled by S & P expected a growth by 3.7 million barrels. Stocking terminal in Cushing rose by 1.44 million barrels. Economists had expected gasoline and distillate reserves to rise by 1.7 million barrels. Gasoline inventories increased by only 513 thousand barrels, and distillates - by 2.26 million barrels. The volume of oil production in the United States for the fourth week in a row remains at a record level of 11.9 million barrels per day. The last time oil was produced on such a scale in 1983.
Oil prices dropped on Wednesday as the inventory build in U.S. industry data exceeded expectations, while coronavirus cases continue to surge in the United States, the world’s biggest oil consumer. The American Petroleum Institute reported ...
Oil prices gained on Wednesday after a steep decline in U.S. crude stockpiles, while markets await OPEC’s next steps on supply cuts to be announced after a meeting later today. Brent crude futures rose 0.2%, or 10 cents, at $43 per barrel. ...
June had seen Japan’s wholesale prices dropping slower than May’s historic decline. This followed as commodity costs advanced and some of the virus-driven deflationary pressure eased on a rebound monitored in Chinese demand. The ...
China saw its factory gate data for June perform better than expected on Thursday morning. However, persistent deflation indicated that the impact from the COVID-19 pandemic still continues to linger. The data, released by the National Bureau ...
Oil prices fell in early Wednesday trade as a build in U.S. crude inventories and a forecast for U.S. crude production to fall less than expected added to oversupply concerns. Brent crude futures lost 0.3%, or 13 cents, at $42.95 per barrel. ...
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