Showing posts from December 19, 2021

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Falling US crude inventories keep oil price steady despite Omicron outbreaks

The US crude oil inventories have been falling steadily since the end of November, clearly indicating a strong correlation with the falling prices of the commodity in the international markets. The API, American Petroleum Institute, released its data on Tuesday that showed a fall of 3.67 million barrels during the past week – much more than its own estimate of 2.633 million barrels. Analysts await the same from the EIA, US Energy Information Administration, today to see whether the pattern that had been consistent with that of the API in the past few weeks, will continue in the same way. The price of crude oil fell sharply on Monday, only to recover the lost ground on Tuesday, perhaps boosted by the encouraging US crude inventory data. As of 10:40 GMT on Tuesday, the price of WTI and Brent were at 71.43$ and $ 74.19 respectively. In addition to the falling crude oil inventories, investors feel confident about that the possibility of oil markets facing a supply glut is not on

Omicron surge in Europe takes its toll on crude oil price

The price of crude oil started falling on Monday, clearly indicating the impact on the demand by the surging Omicron across Europe. It is a body blow for a range of industries that had been waiting to breathe a sigh of relief during the Christmas period, having immensley suffered almost for two years due to the pandemic. With the Netherlands in the lockdown, judging by the surging rate of infections and the lack of corporation from a significant section of the populations in containing it, citing the ‘freedom’, it is only a matter of time before the rest of the major European nations falling in line – inevitably. Although such a move will be politically suicidal for some European politicians, the evolving circumstances will leave them with few palatable options. Although the price of crude oil showed an upward trend, perhaps buoyed by the falling US crude inventories, the surge in infections by the new variant of the Covid-19 has clearly dampened the positive sentiments. Inve

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