empty
 
 

2021.01.2119:18:00UTC+00Oil Futures Settle Lower As Demand Concerns Weigh

Crude oil prices drifted lower on Thursday after data from the American Petroleum Institute showed an increase in U.S. crude stockpiles last week.

Despite the massive near $2 trillion U.S. fiscal stimulus, and expectations for further stimulus from the Joe Biden administration, crude oil prices edged down on persisting worries about outlook for energy demand due to rising coronavirus cases and more and more places across the world going into the lockdown mode.

West Texas Intermediate Crude oil futures for March ended down $0.18 or about 0.3% at $53.13 a barrel.

The American Petroleum Institute report showed an unexpected 2.6 million-barrel build in U.S. commercial crude inventories in the week ended Jan. 15, contrary to predictions for a fall of 1.2 million barrels.

However, gasoline stocks and distillate inventories, which include diesel, distillate and jet fuel, rose by less than analysts had expected..

The weekly inventory data from U.S. Energy Information Administration (EIA) will be out on Friday, two days later than usual, due to holiday on Monday for Martin Luther King Jr Day, and the presidential inauguration on Wednesday.

  • 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