USA crude oil inventories down last week: API

USA crude oil inventories down last week: API

API reported a decrease of 5.272 million barrels of crude oil inventories for the previous week ending January 22 while the U.S. Energy Information Administration reported a fall of 9.9 million barrels.

April Brent crude the global benchmark, added $1.11, or 2%, at $57.46 a barrel on ICE Futures Europe to post the highest finish since February 21 of previous year.

The Organization of the Petroleum Exporting Countries and other major producers, a group known as OPEC+, expect output cuts to keep the oil market in a supply deficit through the year, even as the producers lowered this year's outlook on demand growth, a document seen by Reuters showed Tuesday.

On average, the EIA is expected to report a decline of 2.4 million barrels in crude supplies for the week ended January 29, according to an S&P Global Platts survey.

Royal Dutch Shell Plc raided the North Sea physical oil market on Monday in a forceful trading play, buying the most cargoes of benchmark grades in a single day in 10 years in the S&P Global Platts pricing window.

West Texas Intermediate Crude oil futures for March ended stronger by $1.35 or about 2.6% at $53.55 a barrel. Brent's second-month contract is the most expensive versus a month later in more than a year in a bullish structure known as backwardation.

In January, OPEC reported 25.75 million barrels per day (bpd) pumping, which is an increase of 160,000bpd from December 2020, as per the survey.

Slain Capitol Police Officer Brian Sicknick to lie in honor in Washington
Police officer, and Capitol Police officer Howard Liebengood - have since died by suicide. Two other officers who responded to the scene - Jeffrey Smith, a D.C.

US distillate fuel stockpiles, including heating oil, fell in the latest week, according to the API.

"A positive start", said one OPEC delegate.

USA production data from the Energy Information Administration showed output rose above 11 million bpd in November, the first time it has exceeded that figure since April.

Oil still faces bumpy short-term demand amid concern that new virus variants will lead to more lockdowns, while vaccine rollouts are slower than expected in some countries.

Exxon Mobil Corp. pledged to safeguard its mammoth dividend after posting its first annual loss in at least 40 years, a show of defiance by an oil driller besieged by activist investors, lawmakers and climate-change campaigners.

The nor'easter that paralyzed NY and blanketed the East and Midwest with heavy snow will edge its way along the coast as a blast of Arctic air sweeps behind it, sending temperatures tumbling across the central U.S.

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