Followers | 689 |
Posts | 143817 |
Boards Moderated | 35 |
Alias Born | 03/10/2004 |
Tuesday, November 22, 2022 5:31:28 PM
By: Yasin Ebrahim | November 22, 2022
Investing.com -- U.S. crude stockpiles fell much more than expected last week, though product inventories including gasoline increased, the API reported Tuesday.
West Texas Intermediate, the U.S. benchmark, traded at $81.12 a barrel following the report after settling up 1.14% at $80.95 a barrel.
U.S. crude inventories fell by 4.8M million barrels for the week ended Nov. 18. That compared with a draw of 5.8M barrels reported by the API for the previous week.
Economists were expecting a draw of 2.2M barrels.
API data also showed that gasoline inventories declined by about 400,000 barrels last week, and distillate stocks increased by 1.1M barrels.
Sentiment on oil prices is in the midst of a tug of war between concerns about slowing demand from China -- the world's top energy importer, following renewed Covid restrictions in major cities including Beijing -- and optimism that major oil producers will continue with plans to cut productions.
Saudi Arabia denied a Wall Street Journal report earlier this week that OPEC and its allies, known as OPEC+, were mulling a decision to boost production at upcoming Dec. 4, meeting.
The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies fell by about 1.1M barrels last week.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM