Data from the American Petroleum Institute showed gasoline inventories shrank by 7.7 million barrels last week. It also showed crude stockpiles increased by almost 700,000 barrels. Official government figures will be published later Wednesday. WTI Crude is $39.84; Brent is $41.84
There are ongoing concerns about the health of the diesel market. In both Asia and Europe, the profit from making the fuel is now lower than it was in the depths of the first wave of the pandemic. Weak refining margins limit the incentive for refiners to keep processing more crude. Brent is $39.71; Brent is $41.68
Libya is moving closer to reopening its oil industry after it told companies to resume production at some fields that are free of foreign mercenaries and fighters. This will add to already rising supply from OPEC+ nations and comes as virus infections are starting to increase again in many places around the world. WTI Crude is $40.15; Brent is $42.23
Prices remain 9% higher this week, buoyed by a show of determination to defend the market by Saudi Arabia, the most influential nation in OPEC. The Saudis hinted they’re prepared for new production cuts, and lambasted OPEC+ members that have cheated on production quotas. WTI Crude is $40.75; Brent is $42.92
Oil buying by Chinese refiners has played an outsized role in supporting global prices this year, with Asia’s largest economy emerging from the coronavirus as Europe and the U.S. went into lockdown. WTI Crude is $39.71: Brent is $41.85
Click here to view our Offerings.