TOKYO (Reuters) – Oil prices rose on Wednesday, with U.S. crude winning for the seventh day, after an industry report showed another fall in investments and investors slowed down developments that were accelerating worse in the pandemic.
US West Texas Intermediate (WTI) rose 40 cents, or 0.8%, at $ 53.61 a barrel before 0128 GMT after gaining nearly 2% on Tuesday. Brent crude rose 47 cents, or 0.8%, to $ 57.05, after rising 1.7% in the previous session.
Both criteria trade at their highest level since February, before the coronavirus revolution in China began to spread around the world and billions of people entered locksmiths. locking to prevent a pandemic that is now in a more deadly second wave.
Prices are moving away from the latest developments in Europe and the United States where death taxes and new diseases continue to rise, with a focus on vaccine distribution, no matter how scarce, but there are risks to the market. still.
“The response of U.S. coal miners to the rally in oil represents the near-term most important supply risk for oil,” said Stephen Innes, Axi’s chief global market strategist.
Falling investments and rising oil prices are likely to attract U.S. drills back to the masses, especially as Saudi Arabia and other major producers cut their output, especially effectively feeding market share to American producers.
Crude deposits in the U.S. fell 5.8 million barrels last week to about 484.5 million barrels, data from the American Petroleum Institute showed late Tuesday.[API/S]
That was more than analysts had expected in a Reuters poll for a fall of 2.3 million barrels.
Reporting by Aaron Sheldrick; edited by Richard Pullin