“Oil prices end higher as traders weigh latest supply update, demand prospects”
April 8, 2021
“Oil prices ended higher on Wednesday, shaking off an earlier decline, as traders parsed U.S. government data showing a more-than-3-million-barrel decline in crude inventories, and a bigger-than-expected climb in gasoline inventories. Once traders “looked beneath the sticker shock” of a weekly rise in total U.S. petroleum stocks, “the report generally seemed positive and showed a tightening market,” said Manish Raj, chief financial officer at Velandera Energy.
The market is also still recovering from what Raj referred to as “an unwarranted drop” Monday, when prices fell over 4%, creating a “buying opportunity as traders looked to buy the dip.” Renewed concerns about the global economy and its demand for energy had weighed on prices during much of the session, amid questions surrounding the safety of the AstraZeneca AZN, 2.47% vaccine in Europe, and rise in the spread of COVID-19 variants…”