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  4. Oil Down, U.S. Fuel Inventory Fall Shows Demand Surge
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Oil Down, U.S. Fuel Inventory Fall Shows Demand Surge

By Doris Yu AiVIF.com – Oil was down Friday morning in Asia even if data released on Thursday said U.S. fuel inventories fell and demand surged as economic recovery drove...
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Oil Down, U.S. Fuel Inventory Fall Shows Demand Surge © Reuters.

By Doris Yu

AiVIF.com – Oil was down Friday morning in Asia even if data released on Thursday said U.S. fuel inventories fell and demand surged as economic recovery drove consumption.

Brent oil futures fell 0.32% to $73.88 by 10:10 PM ET (2:10 AM GMT) and crude oil WTI futures edged down 0.18% to $72.81.

Crude oil supply data from the U.S. Energy Information Administration (EIA) showed a draw of 6.866 million barrels. Forecasts prepared by AiVIF.com predicted a 4.033 million-barrel draw, while a 6.718 million-barrel draw was recorded during the previous week.

Meanwhile, the fuel demand surged to 10 million barrels a day in the week before Jul. 4 U.S. holiday, according to the EIA.

After an 11% gain in June, the oil market faces challenges this month amid rising uncertainties for both supply and demand.

The U.S. benchmark is set to post the first weekly decline since the middle of May 2021. The ongoing dispute between Saudi Arabia and the United Arab Emirates about supply increase and the outbreak of the COVID-19 delta variant clouded the market.

While the Organization of the Petroleum Exporting Countries and allies (OPEC+) is yet to reach a decision on supply policy and the cartel may keep output steady in August, OPEC+ members may add barrels unilaterally. Meanwhile, fuel consumption is driven by economic reopenings in the U.S. and Europe but overshadowed by the spread of the COVID-19 variant delta.

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

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Summary

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Moving Avg:

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Sell (12)

Indicators:

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EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

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GBP/USD

1.2475

-0.0015 (-0.12%)

Summary

↑ Sell

Moving Avg:

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USD/JPY

157.91

+0.12 (+0.07%)

Summary

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Moving Avg:

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AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

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USD/CAD

1.3780

+0.0003 (+0.03%)

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EUR/JPY

168.32

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EUR/CHF

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Gold Futures

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Copper Futures

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Crude Oil WTI Futures

81.14

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Brent Oil Futures

85.62

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1,973.05

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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