Rising US Oil Stocks Give Black Gold a Slap - Kakiforex | Forex markets for the smart money. Rising US Oil Stocks Give Black Gold a Slap Rising US Oil Stocks Give Black Gold a Slap

May 21, 2021

Rising US Oil Stocks Give Black Gold a Slap

 Oil trade returned to stability after plunging lower in the previous session following an increase in US crude oil stocks and concerns over rising supplies from Iran.


Most recently, the Energy Information Administration (EIA) reported that U.S. crude oil inventories increased by 1.3 million barrels last week.


This follows an increase reported by the American Petroleum Institute (API) which reported oil supplies increased by 620,000 barrels.



Oil prices, which had previously been affected by reports of positive developments in Iranian -US relations, fell lower following the latest data by the EIA.


U.S. WTI trading was stable at around $ 3.50 a barrel, after hitting a 3.3 drop on Wednesday. Brent crude was trading at $ 66.74 a barrel, following a 3% decline in the previous session.


Iran and the U.S. are reported to have made progress in reviving an agreement blocking the development of Iran’s state nuclear weapons, which would increase crude oil supplies.


However, overall, oil prices are still high after rising by about 30% this year following the recovery shown in global fuel demand.