US crude stockpiles dropped less than expected as the pandemic persists
A gas flare burns at Russian oil refinery, operated by OAO Lukoil. in Russia. Picture: BLOOMBERG
Brent crude was down 36 US cents, or 0.8%, at $45.01 a barrel by 4.42am GMT, having slipped 0.2% in the previous session.Stockpiles of crude in the US fell a fourth straight week, even as net imports rose, the Energy Information Administration said on Wednesday. However, the 1.6-million-barrel decline for the week to August 14 was less than a Reuters poll showing expectations for a 2.7-million-barrel fall.
Global oil demand should recover to pre-pandemic levels as soon as the fourth quarter, the Saudi Energy minister said on Wednesday, while urging the kingdom’s Opec+ partners to comply with a deal to cut output. “The positive outcome from the Opec+ meeting was counterbalance [to] the EIA reporting that US oil inventories last week fell by [less than the] consensus,” said Avtar Sandu, senior manager commodities at Phillip Futures.
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