Oil slips on surprise rise in U.S. crude stocks

Oil prices fell on Thursday after data showed U.S. crude stocks unexpectedly rose last week, reigniting worries about pandemic restrictions cutting into fuel demand.

"Oil prices look a tad vulnerable to potential profit-taking after U.S. crude stockpiles bearishly rose 2.56 million against consensus draw," Axi chief market strategist Stephen Innes said in a note to clients. "Simultaneously, the near-term China crude demand forecast looks high and susceptible to revision lower as lockdowns spread in the country ahead of the Lunar New Year," he said.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oil prices rise on expected economic recovery, likely drawdown in oil stocksSINGAPORE: Oil prices rose on Tuesday on expectations of a recovery in the global economy after U.S. Senate approval of a $1.9 trillion stimulus bill ...
Source: theSundaily - 🏆 25. / 51 Read more »

Stocks look to gain on payrolls miss, oil up after cyber attack | Malay MailTOKYO, May 10 — Stocks rose today amid speculation that interest rates will remain low for an extended period due to the receding risk of a rapid acceleration in inflation, while oil prices jumped after a cyber attack on a US pipeline operator unnerved markets. MSCI’s broadest index of...
Source: malaymail - 🏆 1. / 86 Read more »