Oil rises up on shrinking U.S. stockpiles

Oil rises up on shrinking U.S. stockpiles

Some European countries are reviving curfews and lockdowns to try to contain the rise in new coronavirus cases, with Britain expected to impose tougher COVID-19 restrictions on London from midnight on Friday. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes.

The American Petroleum Institute said USA crude inventories fell more than expected in the latest week, according to a report released after market close on Wednesday.

"Oil demand is projected to be in line with these positive developments and trends."The bloc produced 24.11 million b/d in September, the report found, with the third quarter (Q3) average at 23.8 million b/d, or 600,000 b/d lower than demand for its crude, indicating room for OPEC, and its partners to maintain their relaxed quotas going into 2021".

While China's demand recovery is welcome, NAB's Shaw said oil demand in countries of the Organisation for Economic Co-operation and Development, which accounted for almost half of the world's consumption a year ago, will need to bounce back before prices can move higher.

World's third-biggest oil user India is on track to overtake the USA with respect to the number of Covid-19 infections.

In late Asian transactions, Brent crude futures fell 28 cents, or 0.7 percent, to $ 43.04 a barrel, while US West Texas Intermediate crude futures fell 24 cents, or 0.6 percent, to $ 40.80.

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The International Energy Agency said on Wednesday that a second wave of coronavirus infections could complicate efforts by producers to balance the market.

The American Petroleum Institute industry group said United States crude, gasoline and distillate inventories all fell in the week to October 9, according to a report released after market close on Wednesday.

The U.S. Energy Information Administration is due to release its weekly data on Thursday.

Distillate stocks, which include diesel and heating oil, fell 3.9 million barrels, compared with expectations of 2.1 million barrels.

Meanwhile, Organization of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+, had 102% compliance with their oil supply cut agreement last month, Reuters reported, citing two OPEC+ sources.

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