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May 6, 2021

Black Gold Remains At The Highest Peak

 Crude oil trade remained stable around two -month highs after seeing a sharp drop in U.S. crude oil supplies.


Most recently, the Energy Information Administration (EIA) reported a sharp drop in U.S. crude oil inventories of 8 million barrels last week, far exceeding market expectations for a 2.3 million barrels increase.


Meanwhile, US petrol supplies were reported to increase by 737,000 barrels in a week, compared to the projection for a decrease of 652,000 barrels.



In the Asian session, Brent crude futures traded strong at 69.08 a barrel, while US trade strengthened around $ 65.60 a barrel.


Both benchmarks hit their highest levels since mid-March during the New York session, before declining slightly.


Expectations of a stronger global fuel recovery continue to support the strengthening of oil prices, offsetting market concerns over the Covid-19 situation in India which on a daily basis continues to show a significant increase in the number of cases and deaths.