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  4. Oil Up After U.S. Urges Producers to Increase Output
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Oil Up After U.S. Urges Producers to Increase Output

By Gina Lee AiVIF.com – Oil was up Thursday morning in Asia after the U.S., one of the top oil consumers globally, called for producers to boost output. However, the call...
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Oil Up After U.S. Urges Producers to Increase Output © Reuters.

By Gina Lee

AiVIF.com – Oil was up Thursday morning in Asia after the U.S., one of the top oil consumers globally, called for producers to boost output. However, the call reinforced supply concerns as economies ease their COVID-19 restrictive measures and kept gains modest.

Brent oil futures was up 0.29% to $71.65 by 11:39 PM ET (3:39 AM GMT) and WTI futures edged up 0.20% to $69.39.

U.S. President Joe Biden on Wednesday called for the Organization of the Petroleum Exporting Countries (OPEC) and its allies, or OPEC+, to boost oil output.

Biden's request came as gasoline prices in the U.S. have risen in recent months, threatening the economic recovery from COVID-19. The rising prices have put pressure on drivers on the road during the summer peak driving season, and the U.S. Energy Information Administration (EIA) reported that American motor fuel stockpiles shrunk for a fourth time last week to the least since November 2020.

OPEC+ has already hiked production by around 400,000 barrels a day monthly beginning in August, which will continue until all the output halted during COVID-19 is revived. However, U.S. National Security Advisor Jake Sullivan said on Wednesday that even these increases are “simply not enough.”

Meanwhile, U.S. crude oil supply data from the EIA showed a draw of 447,000 barrels in the week to Aug. 6. Forecasts prepared by AiVIF.com predicted a 1.271-million-barrel draw, while a build of 3.626 million barrels was recorded during the previous week.

Crude oil supply data from the American Petroleum Institute from the day before showed a draw of 816,000 barrels.

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

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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
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 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
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 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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