Oil Sentiments Turn Bullish after API Reports a Substantial Inventory Loss

Oil Sentiments Turn Bullish after API Reports a Substantial Inventory Loss

  • 15-Oct-2020 10:00 AM
  • Journalist: Francis Stokes

Crude oil prices strengthened on Wednesday soon after the American Petroleum Institute (API) revealed a higher than expected drop in inventories of around 5.42 million barrels for the week ending October 9. At 4:33 pm EDT, the WTI crude was trading at USD 41.03 while Brent crude was trading at USD 43.31. The market closed on Wednesday with the news that OPEC+ is looking forward to gradually relax production cuts from January next year despite surging coronavirus cases in many countries, after the Russian Energy Minister Alexander Novak expressed his optimism on a great bounce back in the energy market. The crude oil market has created a big buzz worldwide since OPEC and its partners led by Russia agreed in April’20 to cut back their production by 9.7 million bpd to tackle the unprecedented demand slump following the outbreak of COVID-19. Analysts revealed that average Brent price have rebounded almost by 36% on QoQ basis in Q3 but a second wave may decelerate the demand recovery and may keep the producers exposed to the risk of less balanced market.


Track Real Time Prices

Related News

Ethylene Prices Remain Volatile Across the Globe, INEOS Announced New Capacity in Belgium
  • 22-Feb-2023 2:43 PM
  • Journalist: Timothy Greene
Global Ethylene Prices Witness a Bullish Trend Amidst Improved Downstream Demand
  • 06-Feb-2023 5:31 PM
  • Journalist: Li Hua
Amidst Bleak Demand, Ethylene Prices Exhibit a Downtrend in the USA and European Market
  • 10-Jan-2023 3:50 PM
  • Journalist: Kim Chul Son
Global Ethylene Prices Continue to Decline at the End of December 2022
  • 29-Dec-2022 3:55 PM
  • Journalist: Jacob Kutchner