Oil fell from its highest level in seven months Thursday, November 26, as signs of growing supplies helped halt a rise led by optimism that demand for fuel would recover thanks to coronavirus vaccines.<\/p>\n\n\n\n
Brent crude futures rose to about $ 50 a barrel this week, after three major pharmaceutical companies announced progress in developing vaccines that could start distributing before the end of the year.<\/p>\n\n\n\n
But Brent fell 75 cents to $ 47.86 a barrel by 09:18 GMT, after its price fell by a dollar earlier. Its contracts had risen about 1.6% in the previous session.<\/p>\n\n\n\n
US West Texas Intermediate crude fell 72 cents to $ 44.99 a barrel, after gaining 1.8% on Wednesday.<\/p>\n\n\n\n
According to data, US crude stocks fell by 754,000 barrels last week. Analysts in a Reuters poll had expected an increase of 127,000 barrels. Stocks at the delivery point for WTI in Cushing, Oklahoma, decreased 1.7 million barrels.<\/p>\n\n\n\n
But demand for gasoline during the week fell 128,000 barrels per day to 8.13 million barrels per day, the lowest since June.<\/p>\n\n\n\n
Investors are also awaiting the OPEC meeting next week, its results are likely to support the maintenance of the current balance, at least.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil fell from its highest level in seven months Thursday, November 26, as signs of growing supplies helped halt a rise led by optimism that demand for fuel would recover thanks to coronavirus vaccines. Brent crude futures rose to about $ 50 a barrel this week, after three major pharmaceutical companies announced progress in developing …<\/p>\n","protected":false},"author":9,"featured_media":32066,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[6846],"class_list":["post-37712","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/37712","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=37712"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/37712\/revisions"}],"predecessor-version":[{"id":37713,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/37712\/revisions\/37713"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/32066"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=37712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=37712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=37712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}