Crude inventories saves oil’s blushes
Oil would probably have finished the overnight session lower as well but can thank a lower than expected rise in official US Crude Inventories . The 768,000-barrel print was well below market expectations of a 1.65-million-barrel increase. That was enough to lift Brent crude and WTI to a positive close. Brent crude rose 0.78% to USD44.15 a barrel. WTI finishing 0.56% higher at USD41.60 a barrel.
Both contracts have eased by 10 cents in Asian trading, in line with a slightly stronger US dollar today in Asia. Trading remains directionless for the most part, though, with both contracts content to consolidate their recent monthly gains near to the top of their current ranges.
OPEC’s meeting at the end of the month looms as the next major risk event for oil. More positive vaccine news will probably lift prices again, but after Moderna’s announcement, seem to be […]
November 19, 2020 (updated November 19, 2020) Published by StockMan