Crude prices revive on big American crude stock drawdown

Crude prices revive on big American crude stock drawdown

On Wednesday, crude ascended because industry data disclosed a larger-than-anticipated drawdown in American crude stockpiles. Meanwhile, hopes for an extended shutdown of a key North Sea crude pipeline also kept bolstering financial markets.

Brent crude gained 1% being worth $63.98 a barrel. On Tuesday, the benchmark had declined 2.1% following profit-taking after news of a major North Sea pipeline shutdown assisted to send the benchmark above $65 for the first time since 2015.

Additionally, American West Texas Intermediate crude futures rallied 0.7% sticking to $57.56 a barrel, having tumbled 85 cents in the previous session.

The UK’s major pipeline from its North Sea oil and gas fields will be probably shut for repairs for a couple of weeks, as its operator told on Tuesday.

In response to this move at the North Sea several crude producers, including Royal Dutch Shell and BP told that they had closed down their oil fields too.


Russian Oil Got Banned from Market
Russian Oil Got Banned from Market

This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?

Will oil change the trend after OPEC-JMMC meetings?
Will oil change the trend after OPEC-JMMC meetings?

On Wednesday, February 2, during the day, members of the Organization of Petroleum Exporting Countries (OPEC) and Joint Ministerial Monitoring Committee (JMMC) will discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.

Latest news

Can the UK CPI surprise?
Can the UK CPI surprise?

The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.

The US Retail Sales Update
The US Retail Sales Update

The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.

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