Connect with us


Oil Prices Maintain Gains After US Crude Inventories Draw Down




A view of Marathon Petroleum Corp’s Los Angeles refinery in Carson, Calif., April 25, 2020.

Robyn Beck | AFP | Getty Images

Oil prices edged up on Thursday, extending their gains by 2% from the previous session, after data showed US crude inventories fell last week, as OPEC and its allies complied to their production reduction pact in September.

U.S. West Texas Intermediate (WTI) crude futures rose 8 cents, or 0.2%, to $ 41.12 a barrel at 4:30 a.m. GMT, while Brent futures rose 7 cents cents, or 0.2% to $ 43.39 a barrel.

Oil markets climbed for a third day despite a resurgence of Covid-19 infections in Europe, which could reduce demand for fuel.

“Energy markets are certainly heading for their own beater right now,” said Michael McCarthy, chief market strategist at CMC Markets and Stockbroking, adding that the recent volatility in oil prices may have attracted more. of traders positions.

The American Petroleum Institute industry group said U.S. inventories of crude, gasoline and distillates all fell in the week to Oct. 9, according to a report released Wednesday after the market closed.

Inventories of crude decreased by 5.4 million barrels, while inventories of distillate, which includes diesel and fuel oil, decreased by 3.9 million barrels. These withdrawals were almost double the expectations of analysts in a Reuters poll.

“Much of the decline is due to the effects of Hurricane Delta blocking US production in the Gulf of Mexico, and as such, will be a transient effect,” said Jeffrey Halley, senior market analyst, Asia. Pacific at OANDA.

“Therefore, I’m not too excited that a change of direction is in the markets, although both contracts are approaching important areas of technical resistance.”

Brent could retreat to $ 42.55 a barrel after failing to break resistance at $ 43.44, Reuters technical analyst Wang Tao said Thursday.

The US Energy Information Administration is due to release its weekly data Thursday, a day later than normal after a holiday.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, together called OPEC +, stuck to their agreement to cut oil supply by 102% in September, two OPEC + sources told Reuters before an OPEC + technical committee meeting on Thursday to review the oil market.

ANZ Research pointed to sharp increases in China’s crude oil imports in September and purchases by Indian refiners ahead of two big festivals helping to support the market.

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

picture credit


to request, modification Contact us at Here or [email protected]