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Oil rises 2% on U.S. crude drawdown, weaker dollar

By Jessica Resnick-Ault NEW YORK (Reuters) -Oil prices hit two-month highs on Wednesday on tight supply as crude inventories in the United States, the world's top consumer, fell...
Oil rises 2% on U.S. crude drawdown, weaker dollar © Reuters. FILE PHOTO: The sun sets behind an oil pump outside Saint-Fiacre, near Paris, France September 17, 2019. REUTERS/Christian Hartmann/File Photo

By Jessica Resnick-Ault

NEW YORK (Reuters) -Oil prices hit two-month highs on Wednesday on tight supply as crude inventories in the United States, the world's top consumer, fell to their lowest since 2018, a weaker dollar and easing concerns about the Omicron coronavirus variant.

U.S. crude inventories fell 4.6 million barrels last week to 413.3 million barrels, their lowest since October 2018, the Energy Information Administration said. Analysts had forecast in a Reuters poll a 1.9 million-barrel drop.

"The crude draw was bigger than expected despite a material drop in refining activity," said Matt Smith, lead oil analyst for the Americas at Kpler, a data firm.

Brent crude futures were up $1.26, or 1.5%, at $84.99 a barrel by 12:21 p.m. EST (1721 GMT). U.S. West Texas Intermediate (WTI) crude futures were up $1.61, or 2%, at $82.81.

The falling dollar was the main driver of higher oil prices, overtaking even the EIA draw, Kpler's Smith said. A weaker greenback makes dollar-denominated oil contracts cheaper for holders of other currencies.

The dollar fell to a fresh two-month low against a basket of currencies after data showed U.S. consumer prices rose solidly in December. [USD/]

The Brent contract was in backwardation, with front-month delivery around $4.41 more expensive than delivery in six months, indicating tight near-term supply.

U.S. crude inventories have dropped for seven consecutive weeks, and overall inventories have been tightening across the globe as major producers struggle to increase supply even as demand rises despite rising cases of Omicron.

OPEC+ producers, which groups the Organization of the Petroleum Exporting Countries and its allies, continue to hold back more than 3 million barrels per day (bpd) in output while Iranian exports are pinned back by continuing U.S. sanctions.

Though OPEC+ is raising output targets each month, technical difficulties have prevented several countries from hitting their quotas.

U.S. Federal Reserve Chairman Jerome Powell on Tuesday said that the U.S. economy should weather the current COVID-19 surge with only "short-lived" impact and is ready for the start of tighter monetary policy.

"Assuming China doesn’t suffer a sharp slowdown, that Omicron actually becomes Omi-gone, and with OPEC+’s ability to raise production clearly limited, I see no reason why Brent crude cannot move towards $100 in Q1, possibly sooner," said Oanda analyst Jeffrey Halley.

"There are plenty of variable outcomes in the previous sentence, the biggest threat being Omicron in China, India and Indonesia."

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17-01-2022 10:55:23 (UTC+7)

EUR/USD

1.1402

-0.0012 (-0.11%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

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Sell (1)

EUR/USD

1.1402

-0.0012 (-0.11%)

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Buy

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GBP/USD

1.3651

-0.0022 (-0.16%)

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USD/JPY

114.64

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AUD/USD

0.7213

+0.0006 (+0.09%)

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USD/CAD

1.2520

-0.0033 (-0.26%)

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EUR/JPY

130.71

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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

83.31

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Brent Oil Futures

86.05

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Natural Gas Futures

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US Coffee C Futures

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Euro Stoxx 50

4,307.35

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S&P 500

4,662.85

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DAX

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US Small Cap 2000

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IBEX 35

8,849.50

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Adidas AG

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 EUR/USD1.1402Buy
 GBP/USD1.3651Buy
 USD/JPY114.64↑ Buy
 AUD/USD0.7213↑ Sell
 USD/CAD1.2520↑ Buy
 EUR/JPY130.71Buy
 EUR/CHF1.0423Neutral
 Gold1,818.45↑ Sell
 Silver23.027Neutral
 Copper4.4183↑ Sell
 Crude Oil WTI83.31↑ Sell
 Brent Oil86.05↑ Sell
 Natural Gas4.298↑ Sell
 US Coffee C239.65↑ Buy
 Euro Stoxx 504,307.35Sell
 S&P 5004,662.85↑ Buy
 DAX15,944.70↑ Sell
 FTSE 1007,614.59↑ Buy
 Hang Seng24,218.03↑ Buy
 Small Cap 20002,162.20↑ Sell
 IBEX 358,849.50Sell
 BASF68.235↑ Buy
 Bayer52.79Sell
 Allianz226.48↑ Sell
 Adidas252.22Sell
 Lufthansa7.225Neutral
 Siemens AG146.76↑ Sell
 Deutsche Bank AG11.997↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,120/ 6,160
(0/ 0) # 1,148
SJC HCM6,110/ 6,170
(10/ 0) # 1,158
SJC Hanoi6,110/ 6,172
(10/ 0) # 1,160
SJC Danang6,110/ 6,172
(10/ 0) # 1,160
SJC Nhatrang6,110/ 6,172
(10/ 0) # 1,160
SJC Cantho6,110/ 6,172
(10/ 0) # 1,160
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ↀ Giá vàng thế giới
$1,818.81+2.330.13%
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Sản phẩmVùng 1Vùng 2
RON 95-IV2400024480
RON 95-II,III2390024370
E5 RON 92-II2291023360
DO 0.05S1838018740
DO 0,001S-V1873019100
Dầu hỏa1719017530
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WTI$83.86-0.12-0.14%
Brent$86.05-0.31-0.36%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.540,0022.850,00
EUR25.234,8826.649,42
GBP30.246,4531.537,99
JPY192,66203,94
KRW16,5020,10
Cập nhật lúc 18:52:49 17/01/2022
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