Oil falls following a decline in US inventories

Oil falls following a decline in US inventories

Norway Oil

Picture used for illustrative purpose. File

Gulf Today Report

Oil slumped on Thursday due to the sharp fall in US crude stockpiles. 

Brent futures were down 1 cent at $48.60 a barrel by 07:46 GMT, after rising around 1.6% in the previous session. West Texas Intermediate crude was off by 4 cents at $45.67 a barrel, after reaching a high of $46.09 earlier and gaining 1.8% on Wednesday.

Following AstraZeneca announcement of a 70% effective COVID-19 vaccine that could go up to 90%, both benchmarks jumped up to 8% earlier this week. 


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Oil prices gain despite the increase in stockpiles

 Avtar Sandu, senior commodities manager at Philip Futures said, “despite a number of strong fundamentals rallying the markets, especially vaccine development supporting Oil, bearish concerns remain.”

According to data, US Oil stockpiles slumped 754, 000 barrels last week. Analysts predicted 127,000-barrel rise. Stockpiles at the Cushing, Oklahoma, delivery point for WTI, fell by 1.7 million barrels.

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