US stock draws pushes crude prices higher
Crude prices climbed above 75 $/b at the prompt for ICE Brent futures, as the EIA reported a surprise stock draw of 6.4 mb when…
ICE Brent prompt contract recovered to 63.6 $/b on early Thursday after a loss on Wednesday. The EIA weekly report showed a rapidly improving US demand, with gasoline and jet outperforming expectations. Biden’s $2 trillion economic stimulus package showed a growing emphasis on road infrastructure, which will likely have a bullish outlook for industrial commodities and crude oil. Today’s OPEC ministerial meeting should yield a rollover of the production agreement.
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