A slight increase in oil prices

Economy

11-03-2021, 15:49

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Follow up - INA

Oil prices rose, thanks to expectations of a global economic recovery and a sharp decline in US gasoline inventories. However, the gains were limited by a large increase in crude oil inventories following the storm of Texas.
Brent crude rose to close to $ 68 a barrel.
U.S. West Texas Intermediate crude closed at $ 64.44 a barrel, up 43 cents, or 0.7 percent.
US gasoline stocks fell 11.9 million barrels last week, and distillate stocks, which include diesel and heating oil, fell by 5.5 million barrels, while analysts in a Reuter’s poll expected a decline of 3.5 million barrels each.
Crude oil inventories jumped 13.8 million barrels last week, far exceeding expectations for an increase of 816 thousand barrels, as the repercussions of the mid-February storm continued on the oil sector in the United States, which disrupted refining capacity and stopped production in Texas.