June 12, 2024

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Oil is high despite a sensible report on US reserves - 12/8/2021

Oil is high despite a sensible report on US reserves – 12/8/2021

NEW YORK, Dec 8, 2021 (AFP) – Fears over the micron variant of the corona virus have faded and oil prices rose this Wednesday (8) after two sessions, despite a sensible report on bookings in the United States. .

A barrel of North Sea Brent for February delivery was up 0.50% at $ 75.82 in London.

In New York, the West Texas Intermediate (WTI) barrel for January delivery was up 0.43% at $ 72.36.

In a market reassured by the news of the new variant, crude oil rose day by day. Preliminary data suggest that the symptoms are less than those in the delta, according to the World Health Organization.

In addition, Pfizer and BioNTech have confirmed that the Kovid-19 vaccine is “effective” against Omigran in individuals receiving three doses of the vaccine.

According to Onda analyst Edward Moya, the market also followed the report on trading stocks in the United States, “not sure how to react”.

Commercial oil reserves in the United States have fallen slightly over the past week, according to data released by the Energy Information Agency (EIA) on Wednesday.

The decline was less than the market expected.

For the week ended December 3, oil stocks fell by 200,000 barrels to 432.9 million barrels, with analysts expecting a decline of 1.521 million barrels.

Despite its potential support price, the report’s impact was mitigated by a significant drop in strategic crude oil reserves (1.7 mb) and a sharp fall in fuel consumption in the United States.

Overall, Capital’s John Gildoff again summed up “this is a very bad report for the price”, noting the fall in demand for some products.

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According to Matt Smith, who is in charge of oil analysis at Kpler, the sharp fall in the dollar after the report allowed it to close higher.

tu / jum / mr / mvv