Oil price settles mixed on tight inventories, demand worries


  • Business
  • Wednesday, 17 Nov 2021

Brent crude rose 38 cents, or 0.5%, to US$82.43 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 12 cents, or 0.2%, to $80.76 a barrel.

NEW YORK: Oil prices settled mixed on Tuesday, as prospects of tight inventories worldwide were offset by forecasts of a production increase in coming months and concerns over rising coronavirus cases in Europe.

Brent crude rose 38 cents, or 0.5%, to US$82.43 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 12 cents, or 0.2%, to $80.76 a barrel.

"The oil market will remain tight in the short term, which should lend support to prices," said Commerzbank analyst Carsten Fritsch.

Trafigura Group's Chief Executive Officer Jeremy Weir said the tightness in global oil markets was due to demand returning to pre-pandemic levels.

Oil output from Texas' Permian basin was forecast to reach a record 4.953 million barrels per day (bpd) in December.

U.S. crude stocks were expected to have risen for a fourth straight week, with analysts in a Reuters poll forecasting a build of about 1.4 million barrels last week. [EIA/S]

The first of two weekly supply reports, from industry group the American Petroleum Institute, is due later Tuesday.

However, the International Energy Agency (IEA) said the oil market rally may ease as high prices could provide a strong incentive to boost production, particularly . - Reuters

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Oil price , Brent , oil , West Texas Intermediate , WTI , demand , pandemic ,

   

Next In Business News

Tesla sinks after supply chain warning, hitting other EV makers
Robinhood posts US$423mil net loss, shares sink after hours
Apple's record sales, profit top estimates as hit from chip shortages eases
Oil price falls from 7-year high as Russia tensions offset Fed tightening
GLOBAL MARKETS-US$ gains as Wall Street retreats on future Fed hikes
Khairussaleh takes charge
Now or never? European banks eye comeback against Wall Street
Bouyant times for O&G players
Lotte Chemical concerns about crude oil
Axiata, unit to buy 66% in PT Link for RM2.55bil

Others Also Read


Vouchers