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The American Petroleum Institute reported domestic crude inventories fell 4.79 million barrels last week. That would be the largest stockpile decrease since October if U.S. government data confirm it on Wednesday. Analysts in a Bloomberg survey expected a 3.1 million-barrel drop. WTI is $48.18; Brent is $51.38  Source: Bloomberg.com - By: Jessica Summers and Sheela Tobben - Image: Angus Mordant
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Oil pushed higher with support from a weakening dollar as investors weighed a worsening short-term demand outlook against an eventual rebound as Covid-19 vaccines are rolled out. WTI is $48.25; Brent is $51.47  Source: Bloomberg.com - By: Jessica Summers and Sheela Tobben - Image: Angus Mordant Crude reversed losses after President Donald Trump signed the long-awaited bill containing $900 billion of virus relief that’s expected to boost energy demand in the world’s largest economy. WTI is $48.70; Brent is $51.70  Source: Bloomberg.com - By: Jessica Summers and Sheela Tobben - Image: Ali Mohammadi Risk appetite among investors improved because of a rebound in global equities, which underlined that fears over a new variant of the coronavirus have receded a little. WTI is $47.84: Brent is $50.93  Source: Reuters.com - By: Nia Williams and Dmitry Zhdannikov - Image: Reuters/Drone Base A great global restock is at hand, filling ships, trucks, and trains, and also firing oil demand. A shift in consumer behavior, particularly in western countries, has driven oil prices above $50 a barrel in the past few weeks. People have been diverting expenditure previously earmarked for now-unattainable things -- like holidays and meals in restaurants -- toward purchasing physical goods. WTI I is $47.49; Brent is $50.54  Source: Bloomberg.com - By: Alaric Nightingale, Jeffrey Bair, and Christian Wienberg - Image: Qilai Shen |
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