empty
 
 

2021.04.0810:10:00UTC+00Oil Prices Ease As US Gasoline Stocks Surge

Oil prices fell on Thursday after a two-day gain after official data showed a big increase in U.S. gasoline stocks, raising demand concerns at a time when supplies around the world are rising.

Brent crude for June settlement eased 46 cents, or 0.7 percent, to $62.70 a barrel while U.S. oil futures were down 55 cents, or 0.9 percent, at $59.22.

While crude stocks in the United States fell more than forecast by analysts, gasoline inventories jumped sharply against expectations, the Department of Energy said on Wednesday.

In its Weekly Petroleum Status Report, the U.S. Energy Information Administration (EIA) said Wednesday that oil inventories dropped by 3.5 million barrels for the week ended April 2, bringing stockpiles to a five-week low.

However, gasoline stocks increased by 4 million barrels, against expectations of a decline as refiners ramped up production before the summer driving season.

Investors were also weighing plans by OPEC+ to progressively add production amid bets on a significant boost in oil demand over the coming months as vaccinations gain pace.

The Organization of Petroleum Exporting Countries and its allies have announced a roadmap to ease production curbs over the three months to July by restoring more than 2 million barrels a day.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback