MELBOURNE (Reuters) – Oil prices fell at the start of trade on Wednesday after industry data showed US crude inventories unexpectedly surged last week as a deep freeze in the states South dampened demand from refineries that were forced to shut down.
Crude inventories rose 1 million barrels in the week to Feb. 19, the American Petroleum Institute (API) reported on Tuesday, against estimates of a 5.2 million barrels draw in a Reuters poll.
API data showed that refinery crude cycles fell 2.2 million bpd.
US West Texas Intermediate (WTI) crude futures fell 55 cents or 0.9% to $ 61.12 a barrel at 0136 GMT, after slipping 3 cents on Tuesday.
Brent futures fell 38 cents, or 0.6%, to $ 64.99 a barrel, erasing a 13-cent gain on Tuesday.
Investors will await confirmation from the US Energy Information Administration later on Wednesday that crude inventories rose last week, despite the blow to shale oil production amid the unprecedented wave of ice in the southern states. -United.
The key question is how quickly America’s oil supply is recovering. It appears that supply will recover faster than refineries and that supply will exceed demand in the coming weeks. This will give the market negative weight, Commonwealth Bank analyst Vivek Dhar said.
The price decline is seen as a pause after rebounding over 26% to 13-month Brent and WTI highs since the start of the year.
Prices surged due to the supply disruption to the United States and the supply discipline of the Organization of the Petroleum Exporting Countries and its allies, together called OPEC +, driven by a further reduction of a million bpd by Saudi Arabia.
At the same time, with stimulus spending to spur growth, investors are turning to commodities, and the hope that the vaccine rollout could lead to a relaxation of pandemic restrictions are all pushing up oil prices.
Reporting by Sonali Paul; Edited by Edwina Gibbs
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos
to request, modification Contact us at Here or [email protected]