GulfBase Live Support
05/08/2020 11:34 AST
Oil prices rose on Wednesday after inventory data showed a big drop in U.S. crude stocks although gains were capped by concerns over fuel demand with mounting global COVID-19 cases.
Brent crude was up by 31 cents, or 0.7%, at $44.74 a barrel by 0713 GMT. The contract rose 0.6% on Wednesday to its highest close since March 6.
West Texas Intermediate oil was up by 26 cents, or 0.6%, at $41.96 a barrel. The contract ended Tuesday trading 1.7% higher, its highest close since late July.
Crude inventories fell 8.6 million barrels in the week to Aug. 1 to 520 million barrels, compared with analysts' expectations for a drop of 3 million barrels, according to data from the American Petroleum Institute, an industry organization.
Official figures from the U.S. Energy Information Administration are due out later on Wednesday.
"A much larger fall will all but confirm that U.S. oil production has fallen materially, by possibly millions of barrels a day," said Jeffrey Halley, senior market analyst at OANDA.
The Gulf Today
Ticker | Price | Volume |
---|
(In US Dollar) | Change | Change(%) | |
---|---|---|---|
Brent | 62.42 | 0.91 | 1.48 |
WTI | 53.1 | 0.69 | 1.32 |
OPEC Basket | 61.88 | 0.48 | 0.78 |
20/06/2020
Oil rose to above $42 a barrel on Friday, adding to gains in the previous session, after OPEC producers and allies promised to meet supply cuts and signs of demand, hit by the coronavirus crisis, rec
Arab News
20/06/2020
The total global oil production in May amounted to 89.89 million barrels per day (bpd), marking a daily decrease of 10.04 million bpd compared to April, according to figures released by the Organisat
Trade Arabia
18/06/2020
Major oil producers sharply cut back output in May, data showed on Wednesday, as part of a concerted effort to prop up prices that have fallen dramatically in the wake of the global coronavirus pande
Arab News
18/06/2020
Opec forecast that global oil demand will shrink by 9.1 million barrels per day to reach 90.06m bpd in 2020 but anticipates a recovery in demand during the second half of the year.
Demand
The National
14/08/2018
Opec on Monday forecast lower demand for its crude next year as rivals pump more and said top oil exporter Saudi Arabia, eager to avoid a return of oversupply, had cut production.
In a mon
Times of Oman