Breaking News
Quotes
All Instrument Types
  • All Instrument Types
  • Indices
  • Equities
  • ETFs
  • Funds
  • Commodities
  • Currencies
  • Crypto
  • Bonds
  • Certificates

Please try another search

Search website for: 
Popular News
More
Popular Analysis
More
More
/Free Sign Up
 Investing Pro 0
New Year’s SALE: Up to 40% OFF InvestingPro+ CLAIM OFFER

Oil Down, Even as U.S. Fuel Inventory Fall Indicates Demand Surge

Commodities Jul 08, 2021 10:15PM ET
9
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
LCO
-0.56%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
 
Create New Watchlist Create
Create a new holdings portfolio Add Create
+ Add another position Close
CL
-0.56%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
 
Create New Watchlist Create
Create a new holdings portfolio Add Create
+ Add another position Close

By Doris Yu

Investing.com – Oil was down Friday morning in Asia even as data released on Thursday said U.S. fuel inventories fell and demand surged as economic recovery drove consumption.

Brent oil futures fell 0.32% to $73.88 by 10:10 PM ET (2:10 AM GMT) and crude oil WTI futures edged down 0.18% to $72.81.

Crude oil supply data from the U.S. Energy Information Administration (EIA) showed a draw of 6.866 million barrels. Forecasts prepared by Investing.com predicted a 4.033 million-barrel draw, while a 6.718 million-barrel draw was recorded during the previous week. The EIA also said fuel demand surged to 10 million barrels a day in the week before Jul. 4 U.S. holiday.

Meanwhile, crude oil supply data from the American Petroleum Institute released a day before showed a draw of 7.983 million barrels.

After an 11% gain in June, the oil market faces challenges this month amid rising uncertainties for both supply and demand.

The U.S. benchmark is set to post the first weekly decline since the middle of May 2021, with an ongoing dispute between Saudi Arabia and the United Arab Emirates about supply increase and the spread of the COVID-19 Delta variant clouding the market.

The Organization of the Petroleum Exporting Countries and allies (OPEC+) is yet to reach a decision on supply policy and could keep output steady in August, as members may add barrels unilaterally. Meanwhile, fuel consumption rose, driven by economic reopenings in the U.S. and Europe but overshadowed by the spread of the Delta variant.

Oil Down, Even as U.S. Fuel Inventory Fall Indicates Demand Surge
9
 
Comments (9)
9

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

I Agree
Write your thoughts here
 
Are you sure you want to delete this chart?
Delete Cancel
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
Replace Cancel
1000
Comment Guidelines
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (8)
Olayinka Mayowa
Olayinka Mayowa Jul 09, 2021 12:53AM ET
Save
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Block User
is this real?
Reply
1 0
Report
Eduff San
Eduff San Jul 09, 2021 12:33AM ET
Save
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Block User
What down? Totally fake news. Can you posting the right information in here? ashame you
Reply
3 0
Report
Kelly Mayer
Kelly Mayer Jul 09, 2021 12:24AM ET
Save
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Block User
This is how much the market is being manipulated. Can't get any more blatant. The OPEC event or lack thereof are bullish for oil, at least in the short term. But irrational fear causes a selloff... They could have prevented if they wanted. Though it's convenient like this. The market wont be allowed to grow any further. If it happens, there will be variants popping out of the blue. Like the new Lambda variant, the Delta successor. Along with c19early.com total censorship.
Reply
2 0
Report
Filipe Pereira
Filipe Pereira Jul 08, 2021 11:12PM ET
Save
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Block User
hey Doris it should NT go up since OPEP members abandoned deal to cut or contain oil out put pump
Reply
0 0
Report
Anurag Dutta
Anurag Dutta Jul 08, 2021 11:10PM ET
Save
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Block User
it should Be Up 👍
Reply
0 0
Report
Darren Hunt
Darren Hunt Jul 08, 2021 10:35PM ET
Save
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Block User
oil should be up if there is so much demand . *****?
Reply
2 0
Report
Bay Creek History Detectives
Bay Creek History Detectives Jul 08, 2021 10:35PM ET
Save
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Block User
In the U.S. and Canada.
Reply
0 0
Report
Jim Morrison
Jim Morrison Jul 08, 2021 10:20PM ET
Save
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Block User
shut up
Reply
1 0
Report
Elvis Durant
Elvis Durant Jul 08, 2021 10:19PM ET
Save
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Block User
manipulation. ha! good one!
Reply
0 0
Report
 
Are you sure you want to delete this chart?
Delete Cancel
 
Post
 
Replace the attached chart with a new chart ?
Replace Cancel
1000
Comment Guidelines
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Cancel Attach
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Confirm Block Cancel
Ok
Report this comment

I feel that this comment is:

Submit
Comment flagged

Thank You!

Your report has been sent to our moderators for review
Close
Continue with Google
or
Sign up with Email