Wednesday, January 22, 2025

Oil falls 4% towards $28 on oversupply concerns

Reuters LONDON – Oil fell by more than 4% towards $28 a barrel on Wednesday, pressured by reports of persistent oversupply and collapsing demand due to global coronavirus-related lockdowns and a lack of coordinated oil purchases for strategic storage. The International Energy Agency (IEA) on Wednesday forecast a 29 million barrel per day (bpd) dive in April oil demand to

U.S. crude oil inventories decrease by 2.0 million barrels- oil and gas 360

U.S. crude oil inventories increase by 19.2 million barrels

Weekly Crude Oil Storage as of April 10, 2020   U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 19.2 million barrels from the previous week. At 503.6 million barrels, U.S. crude oil inventories are about 6% above the five year average for this time of year, according to the EIA crude oil and petroleum