This Data Is Unexpected! Shaking Oil Investors Expectations - Kakiforex.com - Financial Market Media No. 1 in the World This Data Is Unexpected! Shaking Oil Investors Expectations This Data Is Unexpected! Shaking Oil Investors Expectations

February 24, 2021

This Data Is Unexpected! Shaking Oil Investors Expectations

 The rise in oil prices unfortunately stopped after an unexpected increase in US crude oil supply weakened market expectations of a recovery in demand.


Despite the closure of factories and the cessation of oil production in Texas due to extreme cold weather last week, U.S. crude oil inventories reported a steady increase.


According to estimates released by the American Petroleum Institute (API), crude oil supply increased by 1.026 million barrels last week after a 5.8 million barrel drop in the previous week.



This increase is certainly not expected by markets that expect a significant decline in US oil stocks due to events that took place last week.


In the Asian session, US WTI crude futures fell 56 sen to $ 61.11 a barrel, while Brent crude fell 39 sen to $ 64.10 a barrel.


Official data to be released tonight by the U.S. Energy Information Administration (EIA) will be the market’s main focus to get confirmation that crude oil inventories increased last week.