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Oil prices climb after declining US stocks signaled increased demand

TOKYO (Reuters) – Oil prices rose Wednesday after an industry report showed that US crude inventories fell more than expected, suggesting that demand is improving as the coronavirus epidemic is spreading worldwide.

FILE PHOTO: The moon rises behind the storage tanks of a local oil refinery in Omsk, Russia, June 5, 2020. REUTERS / Alexey Malgavko

Crude LCOc1 Brent oil rose 31 cents, or 0.8%, to $ 41.58 a barrel at 6:32 am GMT after falling more than 1% on Tuesday. US crude rose 35 cents, or 0.9%, to $ 39.62 per barrel, after falling 1.1% in the previous session.

US crude and gasoline stocks fell more than expected last week, while distillate stocks rose, data released by the American Petroleum Institute (API) on Tuesday revealed on Tuesday. [API/S]

Crude stocks fell from 8.2 million barrels to 537 million barrels, against analysts’ forecasts for a circulation of 710,000 barrels.

“Investors would be impatient to see if the EIA (US Energy Information Administration) … matches or confirms the API data, which would be bullish for the crude oil markets despite growing concern about the spread of the coronavirus”, a said Avtar Sandu, director of raw materials at Phillip Futures.

Official EIS inventory data is due to be released later on Wednesday.

The decline in production by the Organization of the Petroleum Exporting Countries (OPEC) was also the lowest in two decades in June.

The 13-member group produced an average of 22.62 million barrels per day (bpd) in June after agreeing to cut production, according to a Reuters survey, down 1.92 million bpd from the revised figure. of May.

“The drop in production means that OPEC has over-adhered to the deal in June, with compliance standing at 107%,” said ING Economics, noting that the over-compliance followed further cuts by Saudi Arabia, the United Arab Emirates and Kuwait. .

These producers accepted more reductions in June than other OPEC members.

“Compliance is likely to decline in July, unless we see significant improvement in compliance for Iraq and Nigeria,” said ING.

Prices for the end of this year should be capped, analysts say, as the world is inundated with oil after the coronavirus has caused fuel demand to drop by about a third.

A Reuters analyst survey has indicated that oil prices will consolidate around $ 40 a barrel this year, with a recovery that could accelerate in the fourth quarter.

The coronavirus continues to spread around the world with ever increasing infection rates. The number of cases is now over 10 million and more than half a million people have died after catching COVID-19.

GRAPH: Brent and WTI price forecasts since June 2019 here

Aaron Sheldrick’s report; Editing by Richard Pullin and Christian Schmollinger

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