Oil Falling After a Sudden Increase in US Crude Stocks

Oil fell Thursday, January 21, after data for the sector showed a sudden increase in US crude stocks, which once again fueled fears about demand driven by the Coronavirus pandemic, but hopes of stimulus in the United States curbed the decline in prices.

US West Texas Intermediate crude futures fell 19 cents, or 0.4%, to $ 53.12 a barrel, after two days of gains made by crude thanks to expectations of huge spending to mitigate the repercussions of Covid-19 under the US President’s administration The new Joe Biden. Brent crude futures fell 16 cents, or 0.3%, to $ 55.92 a barrel.

According to data from the American Petroleum Institute, crude oil inventories in the United States rose by 2.6 million barrels in the week ending January 15, compared with analysts’ expectations in a Reuters poll of a decrease of 1.2 million barrels.

The US Energy Information Administration is due to publish its weekly report on inventories on Friday.