Brent oil rises above $60, buoyed by U.S. inventory drawdown
Prices for Brent oil rose above $60 a barrel for the first time in over a week on Wednesday amid data that showed a larger-than-expected drawdown in U.S. crude inventories, but ongoing worries about a global economic recession capped gains, APA reports quoting Reuters.
Brent crude LCOc1 had risen 13 cents, or 0.2%, to $60.16 a barrel by 0136 GMT, after settling 0.5% higher on Tuesday.
U.S. crude CLc1 was up 12 cents, or 0.2%, at $56.25 a barrel.
U.S. crude oil stocks fell by 3.5 million barrels to 439.8 million in the week to Aug. 16, data from industry group the American Petroleum Institute (API) showed on Tuesday. Analysts polled by Reuters had expected a decrease of 1.9 million barrels.
Inventory numbers from the government’s Energy Information Administration (EIA) are due at 10:30 a.m. EDT (1430 GMT) on Wednesday.
“U.S. inventory data this week will again be a more critical catalyst than usual given that we are nearing the end of peak U.S. driving season,” Stephen Innes, managing partner, VM Markets, said in a note.
Tensions in the Middle East remained in focus as U.S. Secretary of State Mike Pompeo said on Tuesday that the country would take every action it can to prevent an Iranian tanker sailing in the Mediterranean from delivering oil to Syria in contravention of U.S. sanctions.
Crude prices were also buoyed by official data showing lower exports in June from Saudi Arabia, the world’s top oil exporter.
Saudi Arabia plans to keep its crude oil exports below 7 million bpd in August and September despite strong demand from customers, to bring the market back to balance, a Saudi oil official told Reuters earlier this month.
But uncertainty over the global economic outlook amid the Sino-U.S. trade war capped gains in oil prices.
“The trade-related tug of war in the oil market will probably extend until we get some semblance of clarity from the next round of U.S.-China trade discussion,” Innes said.
Airports in Azerbaijani territories, liberated from occupation, to be included in ICAO registry
EU Commission Head Von Der Leyen warns against relaxing pandemic measures too fast
Sefcovic: "EU-UK talks difficult, but constructive"
Azerbaijan develops old car recycling project
Azerbaijani MoD releases another video of the entry of our units to the Kalbajar region - VIDEO
Erdogan: "Today Muslims are subjected to hatred campaign, which was conducted against Jews in Europe on the eve of World War II"
Diesel passenger buses to be decommissioned in Baku
Bike-sharing and scooter-sharing systems can be applied in Baku
Iran's coronavirus death toll exceeds 46 thousand
Best FIFA awards Player of the Year nominees announced ahead of annual ceremony
Zeki Ozturk: “Turkey will continue to stand by Azerbaijan”
Vandalism defined and signed but disapproved - ANALYTICS
Turkish-made COVID-19 vaccines may be launched in April
Erdogan: “Justice has taken its place in Garabagh conflict”
Ambassador George Deek: "Women deserve a life of dignity that is free from fear"
First Vice President Mehriban Aliyeva congratulates Azerbaijani people on the liberation of Kalbajar
Turkish President: "Kalbajar also liberated from occupation, Azerbaijani flag is already waved in Karabakh"
Erdogan: “Importance of our fight for justice from the Mediterranean to Nagorno-Karabakh is clear”
Auto rally held in Baku on the occasion of liberation of Kalbajar
Assistant to Azerbaijani President: "We are against double standards"
Ibrahim Kalin: "Turkey will continue playing an active role in the newest history of Caucasus"
Head of state: "Armenia is a defeated country, Azerbaijan is a victorious country"
Azerbaijani President: Pashinyan, where did you sign this act of capitulation?
Azerbaijani President: "They believed that their patrons would always defend them, stand behind them and fight for them"
President: "We have won the information war, we have won the war on the battlefield, we have won the war in the information space, we have won the war in the political arena"
Azerbaijani President: "Hated enemy cut down, looted and sold trees"
President Ilham Aliyev: "Azerbaijan has taken the necessary steps to restore its territorial integrity"
President Ilham Aliyev: "Armenia is a terrorist state, and there are many signs of this terror"
President Ilham Aliyev: "They have destroyed everything, as if a savage tribe had passed through"
Azerbaijani President: "First of all, all the damage will be calculated with the participation of international experts"
President: "The occupation of Kalbajar district is the direct responsibility of the then ruling Popular Front of Azerbaijan"
Azerbaijani President: "Those who want to interfere in our work or to accuse us of something should first of all look in the mirror"
Azerbaijani President: "Preliminary instructions have already been given in connection with the restoration of the railway to the Nakhchivan"
Azerbaijani President: "Historical sites and nature of Kalbajar have been severely damaged"
Azerbaijani President: "Kalbajar district has been liberated from occupation today"
Azerbaijani President addresses nation - UPDATED
Azerbaijani President addresses nation - LIVE
Russia records 23 675 coronavirus cases, 507 deaths over past day
Head of Working Group: "580 civilian houses and facilities in Aghdam, damaged as a result of war, reviewed"
Turkish Defence Minsitry shares post on liberation of Kalbajar from occupation
Parking Master Plan for Baku to be prepared
Transportation of commercial gas via TAP to be started at the end of this year
Armenia records 1,563 new coronavirus cases, 38 deaths over the past day
Georgia records 3,071 coronavirus cases, 34 deaths over past day
Italian companies are interested in participating in the restoration and reconstruction work of the liberated territories of Azerbaijan from occupation
Azerbaijani Parliament’s speaker: “Azerbaijan has implemented one more document of UN SC”
Turkish Embassy congratulates Azerbaijani people on liberation of Kalbajar from occupation
Global COVID-19 cases exceed 60 million
Price of Azerbaijani oil exceeds USD 48
Ministry of Defense releases new video footage of the entry of the Azerbaijan Army Units to the Kalbajar region - VIDEO
Armenian servicemen blew up military unit building while leaving Kalbajar - VIDEO
Azerbaijani MoD releases aerial video of the Shusha city - VIDEO
Ministry of Defense releases video footage of liberated from the occupation Abdal and Gulabli villages of Aghdam region - VIDEO
Azerbaijani servicemen help Armenians to leave Gulabli village of Aghdam - VIDEO
Armenians target Azerbaijan's residential settlements, civilian population, and civilian facilities - PHOTOSESSION
Azerbaijani MP suggests to establish shelters for beggars
Azerbaijan commemorates Khojaly genocide - PHOTOSESSION
14 years pass since establishment of the Ministry of Emergency Situations: They always come to your aid in any difficult moments - PHOTOSESSION - VIDEO
First Vice-President Mehriban Aliyeva attended opening ceremony of rebuilt Azerbaijan pavilion at Exhibition of Achievements of National Economy in Moscow - UPDATED
Prosecutor General’s Office: Most of the videos about insulting actions against the corpses of Armenian servicemen are fake
Special quarantine regime in Azerbaijan extended until December 28
Major General rank conferred to Kanan Seyidov- ORDER
More than a hundred people have contracted an unknown disease in Senegal