Oil prices varied on Wednesday, March 17th, as concerns over volatile demand in Europe addressed hopes for a recovery in US refining activities, while industry data showed that US crude inventories fell unexpectedly last week.<\/p>\n\n\n\n
Brent futures were down 7 cents, or 0.1%, to $ 68.32 a barrel after initially gaining as much as 32 cents.<\/p>\n\n\n\n
US West Texas Intermediate crude futures rose four cents to $64.84 a barrel, after increasing as much as 28 cents in early trade.<\/p>\n\n\n\n
The two benchmarks are witnessing turbulent trading today, as they fluctuate between positive and negative performance during Asian trading.<\/p>\n\n\n\n
The market has declined over the past few days, as more European countries halted immunization from Covid-19 due to concerns about potential dangerous side effects, which could slow the recovery in fuel demand.<\/p>\n\n\n\n
Trading in oil futures is as intense as it was in the early months of the Covid-19 crisis, as bettors scramble for the fall and rise of oil to hedge against price volatility.<\/p>\n\n\n\n
In a positive sign, US crude inventories fell 1 million barrels in the week ending March 12, according to trade sources based on data from the American Petroleum Institute. Analysts in a Reuters poll had expected an increase of 3 million barrels.<\/p>\n\n\n\n
At the same time, gasoline inventories decreased less than expected, down 926,000 barrels, compared to estimates of a decrease of 3 million barrels.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices varied on Wednesday, March 17th, as concerns over volatile demand in Europe addressed hopes for a recovery in US refining activities, while industry data showed that US crude inventories fell unexpectedly last week. Brent futures were down 7 cents, or 0.1%, to $ 68.32 a barrel after initially gaining as much as 32 …<\/p>\n","protected":false},"author":9,"featured_media":30928,"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-43005","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\/43005","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=43005"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/43005\/revisions"}],"predecessor-version":[{"id":43006,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/43005\/revisions\/43006"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/30928"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=43005"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=43005"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=43005"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}