Shares of US crude oil rose 4.3 million barrels last week, more than double the 1.9 million barrel gain forecast by analysts, the US Energy Department said on Wednesday.
see photosUS West Texas Intermediate (WTI) crude was up 15 cents, or 0.2%, at $82.81.
Oil prices tumbled on Thursday, but closed at a two-week low as concerns about US supply surges fueled speculation that Iran’s supplies could come online after nuclear talks with global powers. Brent crude was down 26 cents, or 0.3%, at $84.32 a barrel. It hit a two-week low of $82.32 during the session, after falling 2.1% on Wednesday.
US West Texas Intermediate (WTI) crude was up 15 cents, or 0.2%, at $82.81. The contract hit a two-week low of $80.58 during the session. The benchmark fell 2.4% on Wednesday after a higher-than-expected rise in US crude reserves, weekly data showed.
On Wednesday, Iran’s top nuclear negotiator Ali Bagheri Qani said the country’s talks with six world powers to try to revive the 2015 nuclear deal would resume by the end of November.
A deal could pave the way for the lifting of harsh sanctions imposed by former US President Donald Trump on Iran’s oil exports in late 2018.
The benchmark fell 2.4% on Wednesday after a higher-than-expected rise in US crude reserves, weekly data showed.
“The market reacts to these headlines, but may actually be disappointed by oil’s return,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.
Shares of US crude oil rose 4.3 million barrels last week, more than double the 1.9 million barrel gain forecast by analysts, the US Energy Department said on Wednesday.
Analysts at Citi Research said in a note that the heavy stock build was due to a large jump in net imports of crude oil, while refinery processing remained sluggish.
Yet petrol stocks fell 2 million barrels to their lowest level in nearly four years, while US consumers grapple with rising pump prices.
At the WTI delivery hub in Cushing, Oklahoma, crude oil storages were at their lowest level in three years, with prices for long-term futures contracts indicating supplies would remain low for months.
Energy information provider Genscape said that as of October 26, tank levels at Cushing had fallen by 2.772 million the previous week, market participants said.
0 notes
The outbreak of coronavirus infections in China and the threat of record deaths and lockdowns in Russia, as well as rising cases in Western Europe, also weighed on prices.
for the latest auto news And ReviewFollow carandbike.com Twitter, Facebookand subscribe to our youtube Channel.
.