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Oil drops on dollar strength and OPEC+ supply expectations
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Oil drops on dollar strength and OPEC+ supply expectations
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By Jessica Resnick-Ault NEW YORK (Reuters) - Oil prices fell on Friday as the U.S. dollar rose while forecasts called for crude supply to rise in response to prices climbing above pre-pandemic levels. Brent crude futures for April, which expire on Friday, fell 74 cents, or 1.1%, to $66.14 a barrel by 12:45 EDT (17:45 GMT). The more actively traded May contract slipped by $1.08 to $65.03. U.S. West Texas Intermediate (WTI) crude futures dropped $1.42, or 2.2%, to $62.11. The contract was still on track to be up 4.8% on the week. The U.S. dollar rose as U.S. government bond yields held near one-year highs, making dollar-priced oil more expensive for holders of other currencies.
U.S. crude stocks soar 15 MMbbls amid record surge in net imports
12/10/2020
Dec 9 (Reuters) - U.S. crude oil stockpiles last week surged the most since April, jumping more than 15 million barrels, as imports rose and exports plunged, the Energy Information Administration said on Wednesday.
The unexpected supply build and record rise in net imports stunned the oil market, which has been weighed down by low demand due to the coronavirus pandemic. It defies the math that is in the market, for sure, said Bob Yawger, director of Energy Futures at Mizuho in New York. Do U.S. refiners, at a time when they re closing refineries, need to increase imports by a million barrels a day? That s ridiculous.
The Drilldown: Canada s Clean Fuel Standard anticipated by end of 2020
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