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[size=30]The oil market: two indicators that destroy optimism for an increase in prices
[ltr]08.26.2021 - 09:10[/ltr]
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[ltr]08.26.2021 - 09:10[/ltr]
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Oil prices fell, Thursday, amid renewed concerns about a recovery in demand, with the imposition of more restrictions to reduce infections with the Corona virus.
Brent crude was down 45 cents, or 0.6 percent, at $71.80 a barrel by 05:12 GMT, after rising 1.7 percent on Wednesday.
The price of US oil fell 55 cents, or 0.8 percent, to $ 67.81 a barrel, after rising 1.2 percent in the previous session.
New outbreaks fueled by the delta type of coronavirus are raising concerns about the strength of the global economic recovery, hitting demand for oil and other commodities.
The Energy Information Administration (EIA) said US crude stocks fell last week for the third week in a row, while overall fuel demand increased the most since March 2020, helping to boost prices by about 10% through Wednesday.
"The major drawdown in US oil inventories was good news, but the sharp decline in crude exports and weak demand for jet fuel prevented an increase in prices," Edward Moya, a senior analyst at OANDA, said in a note.
Prices made some gains this week due to a major outage in Mexico, where a fire on an offshore platform on Sunday killed at least five workers and shut down just over 400,000 barrels per day of production.
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Brent crude was down 45 cents, or 0.6 percent, at $71.80 a barrel by 05:12 GMT, after rising 1.7 percent on Wednesday.
The price of US oil fell 55 cents, or 0.8 percent, to $ 67.81 a barrel, after rising 1.2 percent in the previous session.
New outbreaks fueled by the delta type of coronavirus are raising concerns about the strength of the global economic recovery, hitting demand for oil and other commodities.
The Energy Information Administration (EIA) said US crude stocks fell last week for the third week in a row, while overall fuel demand increased the most since March 2020, helping to boost prices by about 10% through Wednesday.
"The major drawdown in US oil inventories was good news, but the sharp decline in crude exports and weak demand for jet fuel prevented an increase in prices," Edward Moya, a senior analyst at OANDA, said in a note.
Prices made some gains this week due to a major outage in Mexico, where a fire on an offshore platform on Sunday killed at least five workers and shut down just over 400,000 barrels per day of production.
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