Find Out The Fate Of This Commodity By The Weekend - Kakiforex | Forex markets for the smart money. Find Out The Fate Of This Commodity By The Weekend Find Out The Fate Of This Commodity By The Weekend

June 4, 2021

Find Out The Fate Of This Commodity By The Weekend

 Oil prices eased slightly in the Asian session, but remained traded around 3 -year highs following gains recorded in the previous session.


The U.S. crude oil inventory report by the Energy Information Administration (EIA), dropped by 5.08 million barrels last week.


This supports a reading recorded by the American Petroleum Institute (API) which previously reported a decrease of 5.36 million barrels.


This reinforces market confidence that fuel demand in the US is recovering from the pandemic -induced recession.



In the Asian session, Brent crude futures declined slightly, trading around $ 71 a barrel, while US WTI traded steady at $ 68.50 a barrel.


Both benchmarks previously hit their latest annual highs on Thursday, with Brent rising the highest since May 2019, while US WTI is the highest since October 2018.


This recorded decline may be due to investors taking profit as the market heads towards the end of the week.


However, sentiment in the oil market is increasingly positive, especially after OPEC+ said that oil demand will exceed supply in the second half of 2021.