In the United States, the average number of daily confirmed coronavirus cases over the past seven days reached a record high of 258,312, a Reuters tally found on Wednesday.
see photosLast week crude inventories fell by 3.6 million barrels to 420 million barrels
Oil prices rose on Wednesday after government data showed US crude and fuel inventories tumbled last week, fueling concerns that rising cases of the coronavirus could dampen demand. Brent crude was up 29 cents at $79.23 a barrel. US West Texas Intermediate (WTI) crude rose 58 cents to $76.56 a barrel. In the United States, the average number of daily confirmed coronavirus cases over the past seven days reached a record high of 258,312, a Reuters tally found on Wednesday.
Both oil futures contracts earlier traded at their highest levels in over a month after US government data showed a list of low oil prices. Crude inventory fell 3.6 million barrels last week to 420 million barrels, compared with analysts’ expectations for a 3.1 million barrel drop in a Reuters poll. US gasoline stocks fell 1.5 million barrels to 222.66 million barrels in the same period, compared to analysts’ expectations in a Reuters poll for an increase of 0.5 million barrels.
Investors await an OPEC+ meeting on January 4, when the coalition will decide whether to go ahead with a planned production increase of 400,000 barrels per day in February
EIA data showed the distillate stockpile fell by 1.7 million barrels to 122.43 million barrels, compared with an expected increase of 0.2 million barrels. “It attracts across the board who are subsidiaries,” said John Kilduff, partner at Again Capital LLC in New York. “We continue to increase domestic production, which is positive.”
Oil prices have been declared unpredictable this month by Ecuador, Libya and Nigeria on the part of their oil production due to maintenance issues and oil field closures. Russian Deputy Prime Minister Alexander Novak said the OPEC+ producers’ group has resisted calls from Washington to boost production as it seeks to provide clear guidance to the market and does not deviate from policy on a gradual increase in output Is.
Investors are looking forward to an OPEC+ meeting on January 4, when the coalition will decide whether to go ahead with a planned production increase of 400,000 barrels per day in February. In its last meeting, OPEC+ stuck to its plan to boost production for January despite the spread of the Omicron version.
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