Connect with us

Hi, what are you looking for?

Editor's Pick

Oil Up as it Continues Clawing Back From Earlier Losses

imageCommodities7 hours ago (Apr 22, 2020 09:54PM ET)

(C) Reuters.


By Gina Lee

Investing.com – Oil prices were up on Thursday morning in Asia as they continued to claw back from massive losses from the beginning of the week.

Brent oil futures rose 0.87% to $20.95 by 9:49 PM ET (2:49AM GMT) and WTI futures jumped 3.12% to $14.21.

Oil surged up to 40% during the previous session as U.S. President Donald Trump tweeted an instruction to the U.S. Navy “to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea” overnight, and short sellers covered their positions.

But the black liquid lost some of its gains as investors digested a rise in crude oil stockpiles for the 13th consecutive week. The U.S. Energy Information Administration (EIA) reported a 15-million-barrel build for the past week.

It had reported a 19.2-million-barrel build for the week before.

Meanwhile, the American Petroleum Institute (API) announced a 13.226-million-barrel build for the past week only a day before.

As the COVID-19 pandemic continues to sap demand, the supply glut that triggered Monday’s massive losses continues to loom in investors’ minds.

Per Magnus Nysveen, Rystad Energy senior partner and head of analysis, warned that the situation in the oil markets was going to get worse in an interview with CNBC.

The world is running out of places to store oil,” said Nysveen. “When the supply and demand balance is positive or negative, then you can build or draw from storage. But when the storage gets full, then there is no buffer for this very strong imbalance that we’re seeing.”

Oil Up as it Continues Clawing Back From Earlier Losses

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Stock

PCOO.GOV.PH This article is not meant to denigrate the economic achievements of the Duterte administration, nor to say the administration has achieved nothing but...

Stock

ED US- UNSPPLASH Even though national supply is lacking, the government must find a concrete plan of action that will equitably distribute the vaccines....

Stock

ALICE DIETRICH-UNSPLASH In an environment where Filipino manufacturers are hard-pressed to compete due to high manufacturing costs, those who thrive must be celebrated and...

Stock

ORIGINAL PHOTOS BY CHRIS LEBOUTILLIER/ADRIAN SWANCAR-UNSPLASH CLIMATE CHANGE poses the biggest existential threat to humanity. As world leaders prepare to renew their pledge to...

Stock

THE NETFLIX series Squid Game is played on a mobile phone in this picture illustration taken Sept. 30. — REUTERS NETFLIX estimates that its...

Stock

A woman walks across the city centre bridge in Melbourne, Australia, July 16, 2021. — REUTERS/SANDRA SANDERS MELBOURNE — Melbourne, which has spent more...

You May Also Like

Economy

By Diwa C. Guinigundo Bangko Sentral Governor Ben Diokno announced that starting Sept. 18, the BSP will offer P20 billion ($411 million)...

Economy

A leading investment bank has predicted the government will extend the furlough scheme in an attempt to slow the “large and rapid deterioration”...

Stock

Stock Markets7 hours ago (Jul 31, 2020 08:15PM ET) 2/2 (C) Reuters. FILE PHOTO: James Murdoch, the son of media mogul Rupert Murdoch, and...

Economy

TikTok is one of the most rapidly growing platform. People across all the spectrum of age, gender, communities are joining the platform to...

Disclaimer: InvestmentDiets.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 InvestmentDiets. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!