Investing.com - Financial Markets Worldwide
🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

CORRECTED-Oil rises after surprise drop in U.S. inventories offsets demand concerns

Published 07/29/2020, 09:18 AM
Updated 07/29/2020, 10:40 AM
© Reuters.
LCO
-
CL
-

(Corrects first paragraph to say inventories decreased, not
increased)
TOKYO, July 29 (Reuters) - Oil prices rose on Wednesday
after an industry report showed that crude inventories in the
United States decreased against expectations, giving the market
a boost amid record increases of coronavirus infections in the
U.S. and elsewhere.
Brent crude LCOc1 was up by 24 cents, or 0.6%, at $43.46 a
barrel by 0041 GMT, after dropping 0.4% on Tuesday.
U.S. oil CLc1 gained 14 cents, or 0.3%, to $41.18 a
barrel, having dropped 1.4% in the previous session.
Inventories of crude oil in the U.S. dropped by 6.8 million
barrels last week to 531 million barrels, data from industry
group the American Petroleum Institute showed on Tuesday.
API/S
Analysts' expectations were for an increase of 357,000
barrels. U.S. government data is due Wednesday.
"This should temporarily alleviate some concerns about
ongoing demand distress," Stephen Innes, chief global markets
strategist at AxiCorp said in a note.
The raging COVID-19 pandemic is keeping alive concerns about
falling fuel demand causing an oversupplied market as record
numbers of infections are reported globally, including the U.S.,
the world's biggest consumer of oil.
Four U.S. states reported one-day records for coronavirus
deaths on Tuesday and cases in Texas passed the 400,000 mark.
Attempts to provide relief amid the outbreak were in
disarray as Republicans in the U.S. disagreed over their own
plan for providing $1 trillion in new coronavirus aid on
Tuesday. In Hong Kong, the government on Wednesday warned the city is
on the edge of a large-scale coronavirus outbreak and urged
people to stay indoors as much as possible.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.