Oil Traders Welcome This Positive News! - Kakiforex.com - Financial Market Media No. 1 in the World Oil Traders Welcome This Positive News! Oil Traders Welcome This Positive News!

May 27, 2021

Oil Traders Welcome This Positive News!

 The strengthening momentum of oil prices was supported by reports of a decline in U.S. crude oil supply which gave signs of rising demand in the country.

Most recently, a report from the Energy Information Administration (EIA) showed a drop of 1.7 million barrels last week, while gasoline and distillery supplies also declined.

Measurements of fuel demand for the country continue to show progress towards normal consumption levels.

According to the EIA, the average petrol supplied for four weeks exceeded 9 million barrels a day for the first time since March 2020.

Meanwhile, distillery stocks are at their lowest level since April 2020, with demand measures comparable to a three -week high.

At the beginning of the European session, Brent crude futures declined slightly around $ 68.30 a barrel, while US WTI traded around $ 65.80 a barrel.

Although a slight decline due to concerns over the prospect of more supply from Iran, but the price index is still strong around the one -week high.