Oil prices rise on economic outlook, drawdown in fuel stocks

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Crude oil prices rose on Thursday as vaccine rollouts bolstered the economic outlook and U.S. fuel stocks fell sharply, although gains were capped by a surge in crude oil inventories after last month's Texas storm.

FILE PHOTO: The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019. REUTERS/Angus Mordant

Brent crude oil futures for May rose 40 cents, or 0.6%, to $68.30 a barrel by 0105 GMT, while U.S. West Texas Intermediate crude for April was up 48 cents, or 0.7%, at $64.92. “Given the powerful signals from the U.S. re-opening narrative, it still suggests that the path of least resistance for oil prices is higher.”

Crude inventories, however, rose by 13.8 million barrels in the week to March 5 to 498.4 million barrels, compared with analysts’ expectations in a Reuters poll for an 816,000-barrel rise, as the nation’s oil industry continued to feel the effects of a winter storm mid-February that stalled refining and forced production shut-ins in Texas.

 

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Poor wording again People will read it as stocks of fuel companies are lower despite oil prices rising. Your 'journalists' need to stop clickbait style headlines that are confusing.

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Wait till gas prices suck away that $1400 some people will get. Wish we had away to lower gas prices, I mean, there’s got to be major pipeline projects or such, if only we had something like that. I can’t put my finger on it, but I thought we had some...can’t remember

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