Oil slips after US crude stocks rise amid deep freeze hit to refiners

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 39 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 66%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

Oil prices fell in early trade on Wednesday after industry data showed U.S. crude inventories unexpectedly rose last week as a deep freeze in the ...

Oil prices fell in early trade on Wednesday after industry data showed U.S. crude inventories unexpectedly rose last week as a deep freeze in the southern states curbed demand from refineries that were forced to shut.

Crude stockpiles rose by 1 million barrels in the week to Feb. 19, the American Petroleum Institute reported on Tuesday, against estimates for a draw of 5.2 million barrels in a Reuters poll.U.S. West Texas Intermediate crude futures were down 55 cents or 0.9per cent at US$61.12 a barrel at 0136 GMT, after slipping 3 cents on Tuesday.

Investors will be awaiting confirmation from the U.S. Energy Information Administration later on Wednesday that crude inventories rose last week, despite the hit to shale oil production amid the unprecedented icy spell in the U.S. south."The key question is how quickly does U.S. oil supply recover. It looks like supply will recover faster than refineries, and supply is going to outpace demand in the next few weeks.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines

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

Oil dips on demand worries despite surprise drop in US crude stocksOil prices slipped for a fourth day on Wednesday on worries about rocky demand in Europe, even as hopes of a recovery in U.S. refinery activity ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Oil rises towards US$69 as focus returns to tighter marketOil prices rose on Tuesday on expectations of a recovery in the global economy after U.S. Senate approval of a US$1.9 trillion stimulus bill and ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »