Oil Up, Brent Records Fifth Consecutive Gain as Demand Outlook Stays Bright By Investing.com

Oil Up, Brent Records Fifth Consecutive Gain as Demand Outlook Stays Bright

CommoditiesJun 16, 2021 12:18AM ET

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Oil Up, Brent Records Fifth Consecutive Gain as Demand Outlook Stays Bright

By Gina Lee

Investing.com – Oil was up Wednesday morning in Asia as a larger-than-expected draw in U.S. crude oil supplies and the ever-brightening fuel demand outlook in some countries gave the black liquid a boost.

Brent oil futures rose 0.88% to $74.64 by 12:10 AM ET (4:10 AM GMT), gaining for a fifth consecutive session after rising 1.6% on Tuesday. WTI futures gained 0.83% to $72.72 after rising 1.7% during the previous session.

U.S. crude oil supply data from the American Petroleum Institute showed a draw of 8.537 million barrels for the week ending Jun. 11. The draw was much larger than both the 3-million-barrel draw in forecasts prepared by Investing.com and the previous week’s 2.108-million-barrel draw.

Crude oil supply data from the U.S. Energy Information Administration is due later in the day.

"Even non-energy traders are placing bets that oil prices will continue to rise," said Edward Moya, senior market analyst at OANDA.

"Everyone is turning overly bullish with crude prices. The crude demand outlook is very robust as recoveries across the US, Europe and Asia, will have demand return to pre-COVID-19 levels in the second half of 2022," he added.

Meanwhile, executives from major oil traders including Vitol Chief Executive Russell Hardy, said on Tuesday they expected prices to remain above $70 a barrel and demand to return to pre-COVID-19 levels in the second half of 2022.

Hardy predicted that oil would trade within a $70 to $80 a barrel range for the rest of 2021 as the Organization of the Petroleum Exporting Countries and allies (OPEC+) is expected to continue its current output restraints.

Even if the U.S. and Iran revive a 2015 nuclear agreement to lift sanctions and Iranian exports are added back to the global supply, it is unlikely to change the bullish picture, he added.

Crude Inventory Fell 4.1 Million Barrels Last Week: EIA By Investing.com - Jul 28, 2021 13

(Adds analyst comment, market reaction) By Liz Moyer Investing.com -- U.S. oil stockpiles fell by more than expected in the latest week, the Energy Information Administration said...

California urges power conservation in heat wave, prices soar By Reuters - Jul 28, 2021 1

(Reuters) - U.S. power prices for Wednesday jumped as homes and businesses crank up air conditioners to escape another heat wave, prompting the California electric grid operator...

Gold Up, Holds Near $1,800 Mark Ahead of Latest Fed Policy Decision By Investing.com - Jul 28, 2021 2

By Gina Lee Investing.com – Gold was up on Wednesday morning in Asia, remaining close to the key psychological $1,800 mark as investors await the U.S. Federal Reserve’s latest...

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US 30	35,025.7	-32.8	-0.09%
US 500	4,404.0	+2.5	+0.06%
Dow Jones	35,028.43	-30.09	-0.09%
S&P 500	4,404.20	+2.74	+0.06%
Nasdaq	14,752.4	+91.8	+0.63%
S&P 500 VIX	18.60	-0.76	-3.93%
Dollar Index	92.523	+0.087	+0.09%

Crude Oil WTI	72.06	+0.41	+0.57%
Brent Oil	73.75	+0.23	+0.31%
Natural Gas	3.966	+0.024	+0.61%
Gold	1,799.40	-0.40	-0.02%
Silver	24.938	+0.289	+1.17%
Copper	4.4780	-0.0665	-1.46%
US Soybeans	1,359.25	+0.25	+0.02%

SPDR S&P 500	439.13	+0.12	+0.03%
iShares Russell 2000	219.13	+1.51	+0.69%
Invesco QQQ Trust	366.20	+1.77	+0.49%
Direxion Daily Junior Gold Miners Bull 2X Shares	72.78	+1.01	+1.41%
iShares Silver	23.08	+0.12	+0.52%
ProShares Ultra VIX Short-Term Futures	29.04	-0.34	-1.16%
ProShares UltraPro QQQ	134.56	+1.91	+1.44%

Apple	145.33	-1.44	-0.98%
Alphabet A	2,738.6	+100.6	+3.81%
Tesla	646.50	+1.72	+0.27%
Amazon.com	3,631.20	+4.81	+0.13%
Netflix	521.40	+2.49	+0.48%
Facebook	372.66	+4.85	+1.32%
Bank of America	38.06	+0.09	+0.22%

Oil Up, Brent Records Fifth Consecutive Gain as Demand Outlook Stays Bright

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