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Commodities

7 Oct 2021

Oil price fell for 2nd session amid Unexpected Rise of U.S. Inventories

Oil price fell for 2nd session amid Unexpected Rise of U.S. Inventories

The Index Today

Second session Thursday shows drop in Oil prices, under pressure from an unexpected rise in U.S. crude stocks that raised concerns over demand after prices rallied to multi-year highs.

U.S. crude slid 0.43%, or 33 cents, to $77.10 a barrel after the market climbed on Wednesday to $79.78, the highest since November 2014. Brent crude 2 cents, to $81.06 a barrel.

"Commercial stockpiles of crude rose ... last week, according to EIA data," ANZ said in a note. "Stockpiles of gasoline also surged raising concerns of weaker demand."

U.S. crude inventories rose by 2.3 million barrels last week, the U.S. Energy Information Administraion (EIA) said, against expectations for a modest dip of 418,000 barrels. Gasoline inventories also rose, while distillate inventories were down slightly.