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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Oil steady as demand worries counter surprise drop in U.S. crude stocksOil prices were mixed on Wednesday as concerns over rocky demand in Europe counterbalanced hopes of a recovery in U.S. refinery activity as industry data showed U.S. crude stockpiles unexpectedly fell last week. thank you very much for your work T𝙧𝙖𝙙𝙚 𝙬𝙞𝙩𝙝 𝙖 𝙥𝙧𝙤𝙛𝙚𝙨𝙨𝙞𝙤𝙣𝙖𝙡 𝙩𝙧𝙖𝙙𝙚r 𝙩𝙤 𝙚𝙖𝙧𝙣 $11𝙠 𝙤𝙣 𝙬𝙚𝙚𝙠𝙡𝙮 𝙗𝙖𝙨𝙞𝙨 𝙬𝙞𝙩𝙝 𝙟𝙪𝙨𝙩 $1000 𝘾𝙤𝙣𝙩𝙖𝙘𝙩 𝙝𝙚 𝙫𝙞𝙖 marvelousArthur
Sumber: Reuters - 🏆 2. / 97 Baca lebih lajut »