Oil Steadying as Report Indicates Tightening US Crude Stockpiles

    Bloomberg News reports that oil was steadying following a three-day rally as the US industry data indicated further tightening crude stockpiles at Cushing’s key storage hub.




    What is this All About?

    West Texas International was found trading above $111 per barrel after approximately 7% was added over the last three sessions. The American Petroleum Institute reported that Cushing inventories dropped by 650,000 barrels in the past week, as per people familiar with the numbers. Stockpiles nationwide were found shrinking as well.

    There has been a tightening of the global oil markets following a rebound in economic activity, with Russia’s invasion of Ukraine making the squeeze worse by upending the trade flow. OPEC+ has anticipated to rubber stamp yet another increase in modest supply for August in the current week even though struggling of the cartel has been going on to meet the targets in the current year.

    Oil has been heading for the first drop in a month since November after being bombarded by fears of economic slowdown globally, but prices are seen to be in the upward trend by almost 50% in the current year. The time spreads have been implying bullish signs with a Dated-to-Frontline swap contract, which is an indicator of the key North Sea market’s strength, thereby hitting a record of more than $5 per barrel.

    Bloomberg News reports that on Thursday, the Group of Seven leaders agreed that they need the ministers to evaluate urgently how the Russian oil price can be curtailed to restrict the energy proceeds that Kremlin has been using to fund the war in Ukraine. The main idea floating over the last week has been a cap of some kind.

    Last week the US gasoline stockpiles surged, as per API, even though they remain low every season. The Energy Information Administration stated that the delayed weekly reports on oil would be published on Wednesday, thereby putting an end to the two-week delay triggered by the power issue.



    RELATED ARTICLES

    Tesla’s Cheapest Cybertruck

    Tesla’s Cheapest Cybertruck Will Cost $60,990 in 2025

    Bloomberg News reports that after two years of delay and production glitches, Tesla Inc. has...
    JPMorgan’s S&P 500

    JPMorgan’s S&P 500 2024 Outlook Grimmest on Wall Street

    Bloomberg News reports that as the strategists on Wall Street are calling for an all-time...
    Fed Will Cut Interest Rates

    Fed Will Cut Interest Rates as Soon, Predicts Bill Ackman

    Bloomberg News reports that Bill Ackman, the billionaire investor, bets that the Federal Reserve will...
    AI Startup

    AI Startup of Google Raises $24 Million for Biotech Work

    Bloomberg News reports that the European biotech startup Cradle has raised as much as $24...
    Quantum Computing Lab

    Quantum Computing Lab Shut by Alibaba in Sign of Broader Cutback

    Bloomberg News reports that Alibaba Group Holding Ltd. has shuttered its quantum computing lab for...
    Water Damage Repairs

    Don’t DIY Water Damage Repairs to Your Business

    If your workplace ever suffers from water damage, you might be tempted to start fixing...
    MBA Programme

    Dual Degree MBA Programme: A Unique Educational Opportunity

    In today's world, professional success requires more than traditional management skills. It calls for a...
    women ipl

    Women IPL Sensation Shreyanka Patil: From Fan to Champion

    In a cricketing universe usually ruled by dudes, Shreyanka Patil, the rookie wonder for Royal...
    Monetize Magnet

    Monetize Magnet Review – The Best Crypto and Forex CPA Network

    In today's world, cryptocurrency has reached new heights, expanding continuously and providing online earning opportunities...
    celsius drink

    Celsius Drink – What Is It and How Safe Is It?

    These days, you must come across your social media feeds with an advertisement for a...
    low porosity hair

    Low Porosity Hair Problem? Slay Locks with Moisture Miracle

    Have you ever experienced your hair being stubbornly resistant to moisture? That's low porosity hair...