Home Business News Oil prices fell ahead of the spike in US gasoline stocks, according...

Oil prices fell ahead of the spike in US gasoline stocks, according to Investing.com

© Reuters.

By Gina Lee

Investment.com – Oil fell Thursday morning in Asia, on concerns about weakening demand for crude in the world’s largest oil-consuming nation, coupled with rising reserves.

dropped 0.33% to $ 26.95 at 11:23 PM ET (3:23 AM GMT) and dropped 0.33% to $ 59.57.

The US showed a decline of 3.522 million barrels, compared with a decrease of 1.436 million barrels in the forecast made by Investor.com and a decrease of 876,000 barrels reported last week.

the previous day showed a decrease of 2.618 million barrels.

The EIA data also showed that the figure rose to 4,044 million barrels, compared with a decrease of 221,000 barrels in the forecast of Investing.com and a decrease of 1.735 million barrels reported last week.

Some investors call for caution as refiners ramp up production ahead of the summer driving season.

Mizuho Securities’ energy futures director Bob Yawger told Reuters: “Refiners may want to slow down their operations a little to keep their gas reserves from challenging all-time records.

Meanwhile, the global crude supply is also on the rise as Russia reports to have increased production from the average of March for the first few days of April. Iran’s supply may also increase as negotiations on the reinstatement of a nuclear deal with the US and other countries going on and raising the possibility that some sanctions might be lifted.

However, investors continue to hope for a rebound in fuel demand from the IMF’s prediction of better-than-expected global growth in 2021. The organization said earlier this week that public spending had not. Has each been deployed to combat COVID-19 that could increase global growth. 6%, a rate that has not been achieved since the 1970s. Better economic outlook would spur demand for black liquid, thus keeping stocks under control.

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