Commodity News
HeadLine : Oil prices drop as coordinated reserve release eases some supply fears
Date : Nov 24 2021
Oil prices fell on Wednesday as the U.S.-led coordinated release of stocks from strategic reserves eased concerns over tightness in global supply, while investors took profits from the previous day's rally ahead of the U.S. Thanksgiving holiday. U.S. West Texas Intermediate (WTI) crude futures fell 12 cents, or 0.2%, to $78.38 a barrel, reversing out of a 2.3% gain in the previous day. Brent crude futures slid 32 cents, or 0.4%, to $81.99 a barrel, having risen 3.3% on Tuesday. The United States said on Tuesday it would release millionsof barrels of oil from strategic reserves in coordination withChina, India, South Korea, Japan and Britain, to try to coolprices after OPEC+ producers repeatedly ignored calls for morecrude. Adding to pressure, U.S. crude and gasoline stocks rose last week while distillate inventories fell, according to market sources citing American Petroleum Institute figures on Tuesday. Crude stocks rose by 2.3 million barrels for the week ended Nov. 19, against an analyst expectation of a decline by about 500,000 barrels. Gasoline inventories rose by about 600,000 barrels and distillate stocks fell by 1.5 million barrels, the data showed. 

Source: Investing
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