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Japan Market Outlook – 09 July 2021

JAPÓN BOLSA:KMA06. TOKIO (JAPÓN), 03/01/2018.- Un grupo de mujeres usan kimono durante la ceremonia de apertura de la Bolsa de Tokio de Japan Exchange Group, Inc. de la primera sesión comercial de Año Nuevo en 2018 en la Bolsa de Tokio, en Tokio, (Japón) hoy, jueves 4 de enero de 2018. EFE/KIMIMASA MAYAMA
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Commodities Trading Ideas & Charts

Drop in Crude Stockpiles is Causing Oil Future to Settle Higher

August West Texas Intermediate Crude oil futures closed at $72.94 a barrel, up $0.74 or nearly 1%.

Brent crude futures were trading at $74.19 a barrel, up $0.76 or 1.03 percent.

Crude stocks in the United States declined by 6.866 million barrels last week, significantly more than the predicted reduction of 4.03 million barrels, according to data issued by the US Energy Information Administration (EIA) this morning.

Distillate stockpiles surged by 1.616 million barrels last week, much exceeding the 171,000 barrels projected gain, while gasoline inventories fell by over 6 million barrels, about three times the predicted reduction.

According to a report released late Wednesday by the American Petroleum Institute (API), oil stocks in the United States decreased by 8.0 million barrels last week.

Since demand fell during the corona virus outbreak, OPEC+ has been limiting supply for more than a year. Investors are now concerned that the lack of a new supply agreement will force big oil producers to ramp up output much more quickly.

(Source: Rtt News)

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