Oil prices advanced on Thursday as a drawdown of U.S. crude inventories and output cuts by major producers helped ease concerns about a supply glut, though lingering fears over the global economic fallout from the COVID-19 pandemic capped gains.
FILE PHOTO: Pump jacks operate at sunset in Midland, Texas, U.S., February 11, 2019. REUTERS/Nick Oxford/File Photo/File Photo
U.S. crude inventories USOILC=ECI fell by 5 million barrels last week, against expectations in a Reuters poll for a 1.2 million-barrel rise, Energy Information Administration data showed, while stocks at the Cushing, Oklahoma, delivery hub dropped by 5.6 million barrels. OPEC itself is encouraged by the rally in prices and strong adherence to output cut pledges, its secretary general said, although sources say the group has not ruled out further steps to support the market.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
China stocks up food and oil supplies as coronavirus spurs fears about shortagesFood and energy security have always been important for China, but the pandemic has underscored these concerns.
Weiterlesen »
Chinese oil demand has reportedly almost rebounded to pre-pandemic levels - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Weiterlesen »
Return of Car Traffic Fuels Surge in OilPrices are staging a furious comeback from last month’s collapse, lifted by record supply cuts and a pickup in global fuel demand that many investors hope heralds a swift economic recovery.
Weiterlesen »
Oil prices mixed as Brent retreats on profit-taking after rallyOil prices were mixed on Tuesday, with Brent pulling back from an early gain on profit-taking, while U.S. crude extended its rally amid signs that producers are cutting output as promised just as demand picks up on a resumption of economic activity.
Weiterlesen »
Coronavirus creates repair headache for oil and gas industryThe coronavirus pandemic has disrupted maintenance at oil and gas projects and refineries from Russia's Far East to the coast of Canada, storing up problems for an industry already reeling from slumping prices, analysts say.
Weiterlesen »
Asia shares rally on vaccine hopes, oil retreats after early gainsAsian shares extended gains on Tuesday as more countries emerged from their economic lockdowns and a successful early-stage trial of a coronavirus vaccine cheered sentiment, although oil shed some of its early moves higher.
Weiterlesen »