US Oil Stocks Fall Again, Oil Prices Continue To Soar - Kakiforex.com - Financial Market Media No. 1 in the World US Oil Stocks Fall Again, Oil Prices Continue To Soar US Oil Stocks Fall Again, Oil Prices Continue To Soar

June 24, 2021

US Oil Stocks Fall Again, Oil Prices Continue To Soar

 Black commodity trading eased slightly on Thursday, following gains in the previous session that saw crude oil prices touch their latest annual highs.


WTI US crude futures traded around $ 73.14 a barrel in the Asian session, while Brent crude traded at $ 75.25 a barrel.


Both previous benchmarks have soared to their highest levels since October 2018, but declined again after investors started taking profits and OPEC+ reports it will boost production.



The surge in oil prices was driven by a report released by the U.S. Energy Information Administration (EIA) which showed U.S. crude oil supplies once again declined last week.


US crude oil inventories fell by 7.6 million barrels to 459.1 million barrels, the lowest amount ever seen since March 2020. Meanwhile, petrol stocks fell by 2.9 million barrels last week.


Ahead of the OPEC+ meeting on July 1, crude oil trade was slightly shaky following reports saying OPEC plans to increase their production in August.