Fujitomi Securities’ Kazuhiko Saito says profit-taking ahead of the US Thanksgiving holiday is also behind the decline
Tokyo — Oil prices fell on Wednesday as the US-led co-ordinated release of stocks from strategic reserves eased concern over tightness in global supply, while investors took profits from the previous day’s rally ahead of the US Thanksgiving holiday.
The US said on Tuesday it would release millions of barrels of oil from strategic reserves in co-ordination with China, India, South Korea, Japan and Britain, to try to cool prices after Opec+ producers repeatedly ignored calls for more crude. Crude stocks rose by 2.3-million barrels for the week ended November 19, against an analyst expectation of a decline by about 500,000 barrels. Petrol inventories rose by about 600,000 barrels and distillate stocks fell by 1.5-million barrels, the data showed.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil falls on talk of tapping emergency crude reservesGains in the previous session reversed
Read more »
Japan seeks workaround plan for releasing strategic oil reservesJapanese officials are working on ways to get around restrictions on releasing national reserves of crude oil in tandem with other major economies to dampen prices
Read more »
Japan seeks workaround plan for releasing strategic oil reservesJapanese officials are working on ways to get around restrictions on releasing national reserves of crude oil in tandem with other major economies to dampen prices
Read more »
Oil falls on talk of tapping emergency crude reservesGains in the previous session reversed
Read more »
Total and Eni ready to invest in LibyaFrench and Italian energy firms line up partnership with nation holding Africa’s biggest oil reserves
Read more »