Oil declines as growth in US stockpiles cool rally

Higher energy costs this month have stoked speculation that OPEC and its allies may ease supply cuts more quickly.
By : Bloomberg
| Updated on: 29 Sep 2021, 15:52 PM
Oil’s advance earlier this week reflected signs of a tighter global market amid stronger demand and rising natural gas prices. (REUTERS)
Oil’s advance earlier this week reflected signs of a tighter global market amid stronger demand and rising natural gas prices. (REUTERS)
Oil’s advance earlier this week reflected signs of a tighter global market amid stronger demand and rising natural gas prices. (REUTERS)
Oil’s advance earlier this week reflected signs of a tighter global market amid stronger demand and rising natural gas prices.

Oil fell after a U.S. industry report pointed to a build in crude stockpiles, cooling a rally that had pushed benchmark Brent past $80 a barrel. 

(Also Read: Petrol, diesel prices go up in third straight hike. Check latest fuel rates)

Brent futures slid back below $79, while West Texas Intermediate also dropped. The American Petroleum Institute reported a 4.13 million-barrel weekly gain in U.S. crude stocks, according to people familiar with the data. That would be the first increase in eight weeks if confirmed by government data later Wednesday.

Trending Cars

Find More Cars

Oil’s advance earlier this week reflected signs of a tighter global market amid stronger demand and rising natural gas prices. Higher energy costs this month have stoked speculation that the Organization of Petroleum Exporting Countries and its allies may ease supply cuts more quickly.

FOLLOW US:Stay Updated with latest content - Subscribe us on
FOLLOW US:Stay Updated with latest content - Subscribe us on

The White House said Tuesday it’s continuing to talk to OPEC and other international partners about the importance of competitive markets and doing more to support the recovery.

“The oil market is coming under further pressure this morning after the API reported an unexpected uptick in U.S. oil stocks last week," said Stephen Brennock, an analyst at brokerage PVM Oil Associates. “The latest price pullback suggests pockets of worry are still present across the oil market."

Stockpiles in the U.S. expanded across the board last week, including crude at the key storage hub of Cushing, Oklahoma, according to people familiar with the API data. Gasoline holdings climbed for a second week, rising by 3.6 million barrels, while distillates inventories gained 2.5 million barrels.

First Published Date: 29 Sep 2021, 15:52 PM IST
Recommended For You
View All
NEXT ARTICLE BEGINS

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city
By clicking VIEW OFFERS you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city