Haberler      English      العربية      Pусский         Kurdî      Türkçe Delivering News and Insights Around the World Keltis
  En.Haberler.Com - Latest News
SEARCH IN NEWS:
  HOME PAGE 22/05/2022 07:08 
22.09.2021 11:42 News >> Oil Up Over Estimated Fall In US Crude Stocks, Tight Supply

Oil Up Over Estimated Fall In US Crude Stocks, Tight Supply

American Petroleum Institute forecasts larger than expected drop of 6.11 million barrels in US stockpiles.

Oil prices increased on Wednesday on the back of an estimated decrease in US crude inventories, while tight supply after two hurricanes in the US Gulf of Mexico, and soaring demand is also supporting further price gains.
International benchmark Brent crude was trading at $75.44 per barrel at 0617 GMT for a 1.45% rise after closing Tuesday at $74.36 a barrel.
American benchmark West Texas Intermediate (WTI) was at $71.58 per barrel at the same time for a 1.54% increase after it ended the previous session at $70.49 a barrel.
Prices extended gains on Wednesday after the American Petroleum Institute estimated a more-than-expected drop in US crude oil stockpiles.
The institute predicted a drop in US crude oil stockpiles of 6.11 million barrels, more than the market expectation of a fall of 2.40 million barrels.
The forecast of a larger inventory draw signals a recovery in crude demand in the US, easing investor concerns about declining demand, which, in turn, supports higher prices.
The US Energy Information Administration (EIA) will release official oil stock data later on Wednesday. Oil prices are expected to continue rising if the EIA signals a drop in stocks.
However, supply is expected to remain tight from continuous supply disruptions in the US Gulf of Mexico from Hurricane Ida, which hit the region at the end of August.
The disruption from the region's largest oil producer, Shell, will continue through the year-end as the company assessed significant structural damage in some of its offshore facilities.
Soaring natural gas prices in Europe ahead of the winter season continue to support the upward trend in prices, while investors are still concerned about the wider market effect of China's Evergrande debt crisis.
The announcement of the Fed monetary policy decisions is due to be announced late Wednesday. The central bank may signal an interest rate hike by late 2022, and begin tapering – the process of reducing accumulating $120 billion monthly assets on its balance sheet – next month. -



        Latest News
Maras Solely Under Northern Cyprus's Jurisdiction: Turkish Republic Of Northern Cyprus -31 minutes ago...
Northern Cyprus denies claims by Greek administration of Southern Cyprus that TRNC decided to open new beach in Maras.
Anadolu Agency's Morning Briefing - May 22, 2022 -16 minutes ago...
Daily briefing on latest developments in Turkiye, other developments.
Turkish Americans Hold Parade, Festival In New York City -16 minutes ago...
Madison Avenue filled with Turkish, American flags, convoy of vehicles.
Italian Premier, Ukrainian President Discuss Russia's War -1 minutes ago...
Mario Draghi confirms Italy's full support for Ukraine's accession to EU.
Anadolu Efes Head Coach: Next Goal Is To Be The National Champions Of Europe -16 minutes ago...
'My players made history. They went down in the history of the club,' says Ergin Ataman.

 
      Top News
Olympique Lyon Beat Barcelona 3-1 To Win UEFA Women's Champions League Olympique Lyon Beat Barcelona 3-1 To Win UEFA Women's Champions League
Barcelona Defeat Olympiacos To Clinch Euroleague 3Rd Spot Barcelona Defeat Olympiacos To Clinch Euroleague 3Rd Spot
Turkiye Expects Sweden To Take Tangible Steps Against Terror Groups: President Erdogan Turkiye Expects Sweden To Take Tangible Steps Against Terror Groups: President Erdogan
150 More Russian Soldiers Killed, War Total Nears 29,000: Ukraine 150 More Russian Soldiers Killed, War Total Nears 29,000: Ukraine
Syria Says 3 Soldiers Killed In Israeli Missile Attack Syria Says 3 Soldiers Killed In Israeli Missile Attack
Turkiye Rejects Greece's 'Baseless' Allegations Of Airspace Violation Turkiye Rejects Greece's 'Baseless' Allegations Of Airspace Violation
Spacex To Provide Internet For 19K Rural Schools In Brazil, Monitoring Amazon Spacex To Provide Internet For 19K Rural Schools In Brazil, Monitoring Amazon
Qatar To Play 'Central Role' In Germany's Energy Strategy, Scholz Says Qatar To Play 'Central Role' In Germany's Energy Strategy, Scholz Says
Monkeypox Kills 58, Infects Over 1,200 In DR Congo Since January: WHO Monkeypox Kills 58, Infects Over 1,200 In DR Congo Since January: WHO
On Istanbul Visit, Colombian President Praises Turkish Founding Leader On Istanbul Visit, Colombian President Praises Turkish Founding Leader