Tuesday , January 26 2021

Updated .. Oil drops in settlement after U.S. stock data

Mubashir: Oil prices fell today as US trade stock data released on Wednesday.

The Energy Information Administration said the U.S. oil inventory fell 3.2 million barrels in the past week and petrol inventory rose 4.4 million barrels.

The U.S. Petroleum Corporation said preliminary data showed that U.S. oil inventory fell 5.8 million barrels in the past week.

Meanwhile, U.S. oil production has stabilized at 11 million barrels a day over the past week.

Oil prices have recovered before the spread of the corona virus, and Saudi Arabia has pledged to reduce oil production voluntarily in the next two months, but fears of an epidemic are still reversing.

Following the settlement, U.S. NYMEX crude for December delivery fell 0.6 percent to $ 52.91.

At 7:50 pm GMT, Brent crude futures contracted 0.8 percent to $ 56.11 in March.

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