Crude oil extends gains after US inventory drop

TOKYO: Oil costs rose on Wednesday, with U.S. crude gaining for a seventh day, after an trade report confirmed an additional drop in inventories and buyers shrugged off worsening developments within the pandemic.

U.S. West Texas Intermediate (WTI) was up 40 cents, or 0.8%, at $53.61 a barrel by 0128 GMT after gaining practically 2% on Tuesday. Brent crude was up 47 cents, or 0.8%, at $57.05, having risen 1.7% within the earlier session.

Each benchmarks are buying and selling on the highest since February, earlier than the coronavirus outbreak in China started spreading the world over and billions of individuals went into lockdowns to forestall a pandemic that’s now in a deadlier second wave.

Costs are shrugging off the most recent developments in Europe and the US the place loss of life tolls and new infections hold rising, with the deal with rollouts of vaccines, nonetheless patchy, however dangers to the market stay.

“U.S. shale producers’ response to the rally in oil represents essentially the most important near-term provide danger for oil,” mentioned Stephen Innes, chief world market strategist at Axi.

Falling inventories and rising oil costs are prone to tempt U.S. drillers again into the fray, particularly as Saudi Arabia and different main producers minimize their output, successfully ceding market share to American producers.

Crude inventories within the U.S. dropped by 5.8 million barrels final week to round 484.5 million barrels, knowledge from the American Petroleum Institute confirmed late on Tuesday.

That was greater than analysts’ expectations in a Reuters ballot for a fall of two.3 million barrels.

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