AGL 6.74 Decreased By ▼ -0.09 (-1.32%)
ANL 9.32 Decreased By ▼ -0.05 (-0.53%)
AVN 80.45 Increased By ▲ 2.70 (3.47%)
BOP 5.41 Decreased By ▼ -0.01 (-0.18%)
CNERGY 4.96 No Change ▼ 0.00 (0%)
EFERT 79.91 Increased By ▲ 2.01 (2.58%)
EPCL 56.33 Increased By ▲ 0.57 (1.02%)
FCCL 15.87 Increased By ▲ 0.57 (3.73%)
FFL 6.35 Decreased By ▼ -0.02 (-0.31%)
FLYNG 8.30 Increased By ▲ 0.11 (1.34%)
GGGL 10.08 Decreased By ▼ -0.24 (-2.33%)
GGL 16.26 Decreased By ▼ -0.39 (-2.34%)
GTECH 8.48 Decreased By ▼ -0.71 (-7.73%)
HUMNL 6.39 Increased By ▲ 0.03 (0.47%)
KEL 2.98 Increased By ▲ 0.04 (1.36%)
LOTCHEM 28.89 Decreased By ▼ -0.01 (-0.03%)
MLCF 28.65 Increased By ▲ 0.85 (3.06%)
OGDC 74.50 Decreased By ▼ -0.10 (-0.13%)
PAEL 16.13 Increased By ▲ 0.12 (0.75%)
PIBTL 5.65 Increased By ▲ 0.11 (1.99%)
PRL 16.98 Increased By ▲ 0.06 (0.35%)
SILK 1.19 Increased By ▲ 0.08 (7.21%)
TELE 11.45 Increased By ▲ 0.48 (4.38%)
TPL 8.00 Decreased By ▼ -0.01 (-0.12%)
TPLP 21.35 Increased By ▲ 0.40 (1.91%)
TREET 23.10 Decreased By ▼ -0.15 (-0.65%)
TRG 143.91 Increased By ▲ 9.31 (6.92%)
UNITY 23.01 Decreased By ▼ -0.48 (-2.04%)
WAVES 11.60 Increased By ▲ 0.10 (0.87%)
WTL 1.57 Decreased By ▼ -0.10 (-5.99%)
BR100 4,180 Increased By 29.7 (0.72%)
BR30 16,201 Increased By 371.6 (2.35%)
KSE100 41,611 Increased By 261 (0.63%)
KSE30 15,604 Increased By 126.9 (0.82%)
Markets

Oil ends little changed, US oil inventories fall

• US crude stocks fall by more than expected: EIA • Easing restrictions in Britain, US boost demand hopes •...
Published May 6, 2021
Follow us

• US crude stocks fall by more than expected: EIA

• Easing restrictions in Britain, US boost demand hopes

• US exports, refining output surge, signalling more demand

NEW YORK: Oil ended little changed on Wednesday after two days of gains despite a sharp drawdown in US crude stocks, as the market weighs the outlook for demand with coronavirus infections still surging worldwide.

Both Brent and US futures contracts hit their highest levels since mid-March in intraday trade before retreating. The $70-per-barrel mark has acted as a barrier for the market since March, with investors unwilling to push oil higher as COVID-19 cases increase in parts of the world.

Brent crude settled at $68.96 a barrel, up 8 cents. US West Texas Intermediate (WTI) crude settled at $65.63 a barrel, down 6 cents.

US crude inventories fell by 8 million barrels in the most recent week, exceeding expectations for a 2.3 million-barrel drop, the Energy Information Administration said. Exports rose to 4.1 million bpd, the most since March of last year, and refining output was at its highest since that month as well.

“There’s a little bit of disappointment on gasoline,” said Phil Flynn, senior analyst at Price Futures Group in Chicago. “But oil demand is back, and it’s gaining momentum.”

Pandemic-related restrictions in the United States and parts of Europe are easing, but infections are still on the rise in major crude oil importers India and Japan.

The rise in oil prices to nearly two-month highs has been supported by COVID-19 vaccine rollouts.

Euro zone business activity accelerated last month as the bloc’s dominant services industry shrugged off renewed lockdowns and returned to growth.

India, the world’s third-largest oil consumer, is battling a surge in COVID-19 infections. The country’s oil imports in March rose from the previous month, buoyed by an upturn in economic activity, but are expected to drop again because of renewed lockdowns.

“If we were to eventually see a national lockdown imposed, this would likely hit sentiment,” ING Economics analysts said.

Comments

Comments are closed.