Mid-Week Review – April 21, 2021

Oil prices lower on global COVID worries, U.S. inventories

Oil futures traded lower Tuesday as traders grappled with rising COVID-19 infections in Asia, while awaiting official data on U.S. crude supply levels after a trade group reported an unexpected rise in inventories. West Texas Intermediate crude for June delivery CL.1, -1.06% CLM21, -1.42% fell 91 cents, or 1.5%, to $61.76 a barrel on the New York Mercantile Exchange. June Brent crude BRN00, -1.25% BRNM21, -1.25%, the global benchmark, fell 88 cents, or 1.3%, to $65.69 a barrel on ICE Futures Europe. Click Here to read more from Market Watch.

Surprise Crude Build Pushes Oil Prices Down

The American Petroleum Institute (API) on Tuesday reported a build in crude oil inventories of 436,000 barrels for the week ending April 16.Analysts had predicted a draw of 2.860 million barrels for the week.In the previous week, the API reported a draw in oil inventories of 3.608 million barrels after analysts had predicted a draw of 2.889-million barrels. Click Here to read more from Oil Price.

Oil pulls back from highest level in one month on demand fears

Oil fell on Tuesday, pulling back from one-month highs, on fears that India, the world’s third-biggest oil importer, may impose restrictions as coronavirus infections and deaths soar in that country. Oil prices have risen steadily this year on expectations of a recovery in demand but while the United States and China are rebounding, numerous other countries are not. Click Here to read more from CNBC.

Market Condition Report - Disclaimer
The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

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