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Oil: Stocks fall more than expected in the United States

15/04/2021
Categories: Sectors

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The U.S. crude oil market is recording a recovery in demand. However, stocks are dropping more than expected

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Commercial crude oil reserves in the United States fell for the third consecutive week, and analysts' expectations reflect a recovery in demand that is pleasing crude prices.
The weekly report of the U.S. Energy Information Agency (EIA) released Wednesday notes that American crude stocks fell by 5.9 million barrels (MB) to 492.4 MB as of April 9. Analysts expected a much smaller decrease of 2.7 MB.
In addition, crude oil prices jumped in New York. The price of a barrel of “light sweet crude” for delivery in May was 4.27% at 62.75 dollars at around 15:00 GMT. The price of a barrel of Brent from the North Sea for delivery in June rose by 4.08% to 66.27 dollars

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