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EIA inventory pushes oil prices lower



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The Energy Administration Administration reported a petroleum inventory building of 3.7 million barrels for the week of February 1

5 in Compared to an increase of 3.6 million barrels in the previous week, pushing prices down.

Brent crude and West Texas Intermediate have been growing higher today as news reports boost hope for OPEC cuts will do their jobs and Increased prices, most recently a visit by a special Saudi Arabian envoy to Nigeria, which had been cut off from the production line, instead of increasing its crude oil production, after the visit, Nigeria's president promised a production cut. optimism: The Authority foresees that shale oil production will hit a record of 8.4 million bpd largely on the back of strong production growth in Permia n. Production in Permian will rise above 4 million bpd for the first time in history next month, Energy Information Administration said in its latest release of its Drilling Productivity Report.

At the same time, the gasoline inventory in the world's largest consumer of oil and oil products fell by 1.5 million barrels last week, against a 400,000 barrel rising a week earlier. In distillate fuel, EIA also reported a fall of DKK 1.5 million. Barrels compared to a statement of DKK 1.2 million. Barrels a week earlier.

The refiners last week treated 15.7 million. Barrels raw daily compared to DKK 15.8 million daily. Bpd a week earlier, producing 9.5 million bpd petrol and 4.8 million bpd distillate fuels. One week before, refineries in the US were driven out of 9.6 million bpd of petrol and 4.8 million bpd of distillate fuel.

At the time of writing, Brent crude traded at US $ 66.94 per share. Barrel and West Texas Intermediate changed hands to US $ 56.88 per. Barrel, a bit down from the opening today, and EIA figures are bound to cause more than a lukewarm market response.

By Irina Slav for Oilprice.com

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