Oil off economy with rising American inventions

Oil off economy with rising American inventions

Oil futures contracts closed on Friday (22) after the release of official data on commodity stocks in the United States. Which is higher than the expected increase the previous week.

  • Hey Brent oil contract for March ICE closed 1.22%, $ 55.41 per barrel, in London.
  • Hey Petrelio WTIIn return, the New York Commodities Exchange fell 1.61%, to $ 52.27 per barrel, erasing the week’s accumulated gains and ending the period in a slight decline of 0.17%.

According to data released earlier by the US Department of Energy (DOE), oil stocks in the US rose to the equivalent of 4.352 million barrels last week, down from 1.3 million barrels, according to consensus expectations, in a poll by the “Wall Street Journal” Adverse. Last week.

According to official DoE data, Last week, petrol stocks fell by 259 thousand barrels.245.217 million barrels compared to the expected increase of 2.1 million barrels in the period.

In addition to inventory data, oil prices were also pressurized due to apprehensions about the progress of the epidemic in China.

Beijing urged urban workers not to travel to their provinces on the long Lunar New Year holiday in February to avoid the rapid spread of infections, while Shanghai would test millions again. The Asian giant is the world’s largest oil importer.

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Sarah Gracie

About the author: Sarah Gracie

Sarahis a reporter covering Amazon. She previously covered tech and transportation, and she broke stories on Uber's finances, self-driving car program, and cultural crisis. Before that, she covered cybersecurity in finance. Sarah's work has appeared in The Wall Street Journal, Bloomberg, Politico, and the Houston Chronicle.

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