Oil prices surge on tight supply even as US announces release of more crude from reserves

Oil prices surged on Thursday amid signs that the supply of crude will remain tight despite US efforts to release more oil into the market.

Brent, the benchmark for two thirds of the world’s oil, was trading 1.47 per cent higher at $93.77 a barrel at 12.11pmm UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 1.81 per cent at $87.10 a barrel.

US crude oil stocks fell unexpectedly by 1.7 million barrels last week, data from the US Energy Information Agency, which tracks weekly changes in the number of barrels of commercial crude oil held, showed.

On Wednesday, President Joe Biden announced plans to put 15 million barrels on the market, the final tranche of oil from a programme announced early this year to release 180 million barrels of crude from the country’s Strategic Petroleum Reserve.

Mr Biden plans to replenish stocks when US crude begins to trade at about $70 a barrel.

"With the recession fears already priced in, and with the US having played its ‘strategic oil reserve’ card, there is not much left to pull the price of a barrel below the $80 to $82 range," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

READ MORE : https://www.thenationalnews.com/business/energy/2022/10/20/oil-prices-surge-on-tight-supply-even-as-us-announces-release-of-more-crude-from-reserves/

Comments

India's Manufacturing Growth Hits 18-Month Low in December: A Year-End Recap

Introduction: As the year came to a close, India's manufacturing sector faced headwinds, experiencing an 18-month low in growth during December 2023. The latest data, compiled by S&P Global in the HSBC India Manufacturing Purchasing Managers’ Index, sheds light on the challenges faced by the industry as it navigated a slowdown in new orders and output. India's manufacturing output hit an 18-month low in December. Decoding the Numbers: In December, the Manufacturing PMI dipped to 54.9, down from 56 in November. Despite this decline, the sector managed to stay above the crucial 50-mark, signifying expansion rather than contraction. Notably, the output rose at the slowest pace in 14 months, indicating a challenging landscape for manufacturing. Expert Insights: Pranjul Bhandari, Chief India Economist at HSBC, offered insights into the situation. "India's manufacturing sector continued to expand in December, although at a softer pace, following an uptick in the previous...

Indian Medical Education In Its Golden Era, Says Junior Health Minister SP Baghel

Addressing the 42nd Foundation Day of the National Board of Examinations in Medical Sciences (NBEMS), Union Minister SP Baghel said healthcare workers have played a major role in enhancing the perception of India as a global powerhouse. Medical education in India is going through its golden era, the Union Minister said. (Representational) New Delhi: Medical education in India is going through its golden era, Union Minister of State for Health SP Baghel said today, asserting that doctors trained here are highly valued globally and one will find an Indian doctor in every part of the world. Addressing the 42nd Foundation Day of the National Board of Examinations in Medical Sciences (NBEMS), he said healthcare workers have played a major role in enhancing the perception of India as a global powerhouse. Union Health Minister Mansukh Mandaviya, delivering the keynote address at the event, said in the last two years 25 courses have been introduced. “This growth serves to provide great...

Kiara Advani on Relationship Rumours With Sidharth Malhotra: 'Right Now I Am Very Happy

Kiara Advani and Sidharth Malhotra will continue to make headlines for the rumoured relationship. Although the actors have not confirmed anything, fans take a great interest in them. The Shershaah actors are often asked about the rumours during their interviews and Kiara always seems to have some witty answer to them. Recently, the JugJugg Jeeyo actress was asked about their relationship and she said that she is very happy both in her personal and professional life. The actress was asked about her alleged breakup during an interview with Navbharat Times to which she answered, “I don’t want to say anything about this. People are writing even when I am not saying anything, so when I say something, I do not know what people will write. Whenever I feel I will definitely speak on this issue. Right now I am very happy in both my personal and professional life." To know more: https://www.news18.com/news/movies/kiara-advani-on-relationship-rumours-with-sidharth-malhotra-right-now-i-am-v...

Summary Station

Search This Blog