{"id":2918,"date":"2021-01-27T15:27:02","date_gmt":"2021-01-27T15:27:02","guid":{"rendered":"https:\/\/dailyrapidnews.com\/eng\/?p=2918"},"modified":"2021-01-27T15:27:02","modified_gmt":"2021-01-27T15:27:02","slug":"oil-above-56-as-lower-us-stockpiles-outweigh-demand-concerns","status":"publish","type":"post","link":"https:\/\/dailyrapidnews.com\/eng\/2021\/01\/27\/oil-above-56-as-lower-us-stockpiles-outweigh-demand-concerns\/","title":{"rendered":"Oil above $56 as lower US stockpiles outweigh demand concerns"},"content":{"rendered":"<p>Oil rose above $56 a barrel on Wednesday after industry data showed US crude inventories fell unexpectedly, outweighing persistent concerns about demand as coronavirus cases top 100 million globally.<\/p>\n<p>Industry group American Petroleum Institute (API) said US crude inventories fell by 5.3 million barrels. Analysts had expected them to rise. Official inventory figures are due at 1530 GMT from the Energy Information Administration.<\/p>\n<p>Brent crude climbed $0.31, or 0.6%, to $56.22 a barrel by 1110 GMT. US West Texas Intermediate (WTI) crude rose $0.33, or 0.6%, to $52.94.<\/p>\n<p>\u201cDemand concerns should remain with us for some time,\u201d said Eugen Weinberg of Commerzbank. \u201cAnd yet the market currently appears determined to embrace the positive news instead.\u201d<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2920\" src=\"https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/01\/rapid-news-rapidnews-Oil-above-56-as-lower-US-stockpiles-outweigh-demand-concerns-dailyrapidnews.jpg\" alt=\"rapid-news-rapidnews-Oil-above-$56-as-lower-US-stockpiles-outweigh-demand-concerns-dailyrapidnews\" width=\"640\" height=\"391\" srcset=\"https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/01\/rapid-news-rapidnews-Oil-above-56-as-lower-US-stockpiles-outweigh-demand-concerns-dailyrapidnews.jpg 640w, https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/01\/rapid-news-rapidnews-Oil-above-56-as-lower-US-stockpiles-outweigh-demand-concerns-dailyrapidnews-300x183.jpg 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/p>\n<p>Brent is near an 11-month high of $57.42 reached on January 13, having recovered from a 21-year low below $16 in April due to a demand recovery particularly in China and huge supply cuts by the Organisation of the Petroleum Exporting Countries and its allies, known as OPEC+.<\/p>\n<p>\u201cOil continues consolidating,\u201d said Jeffrey Halley of brokerage Oanda. \u201cThe Saudi Arabian cuts, OPEC+ compliance above 85% and an insatiable demand from Asia mean that oil has seen its cyclical lows for 2021.\u201d<\/p>\n<p>In focus later will be results of the US Federal Reserve\u2019s two-day policy meeting. Analysts expect the central bank to stick to its dovish tone to help speed the economic recovery.<\/p>\n<p>Still, the number of global coronavirus cases has surpassed 100 million as infections rise in Europe and the Americas, and Asia scrambles to contain fresh outbreaks.<\/p>\n<p>China, the second-largest oil consumer, has recently grappled with coronavirus resurgence, but official Chinese data showed 75 new confirmed cases of Covid-19 on Wednesday, the lowest daily rise since January 11.<\/p>\n<p>This eased concern about a sharp drop in travel that threatened a new hit to demand over the Lunar New Year, when hundreds of millions typically make journeys.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil rose above $56 a barrel on Wednesday after industry data showed US crude inventories<\/p>\n","protected":false},"author":1,"featured_media":2919,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post-2918","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.4.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil above $56 as lower US stockpiles outweigh demand concerns<\/title>\n<meta name=\"description\" content=\"Oil rose above $56 a barrel on Wednesday after industry data showed US crude inventories fell unexpectedly, outweighing\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dailyrapidnews.com\/eng\/2021\/01\/27\/oil-above-56-as-lower-us-stockpiles-outweigh-demand-concerns\/\" 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href=\"https:\/\/dailyrapidnews.com\/eng\/category\/business\/\" rel=\"category tag\">Business<\/a>","tag_info":"Business","comment_count":"0","jetpack-related-posts":[{"id":6812,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/03\/18\/oil-falls-as-inventories-rise-vaccine-rollout-stalls\/","url_meta":{"origin":2918,"position":0},"title":"Oil falls as inventories rise, vaccine rollout stalls","date":"March 18, 2021","format":false,"excerpt":"Oil prices fell for a fifth day running on Thursday after official data showed a further increase in US crude and fuel inventories while the ever-present Covid-19 pandemic clouded the prospects for demand recovery. 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Brent crude was up $0.79, or 1.4%, at $55.83 a barrel by 1215 GMT. US crude gained $0.61, or 1.2%, to $52.81. Both\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"rapid-news-rapidnews-Oil-prices-gain-as-inventories-fall-demand-picks-up","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/02\/rapid-news-rapidnews-Oil-prices-gain-as-inventories-fall-demand-picks-up.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":10671,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/05\/12\/oil-climbs-on-demand-outlook-as-market-awaits-fresh-cues\/","url_meta":{"origin":2918,"position":3},"title":"Oil climbs on demand outlook as market awaits fresh cues","date":"May 12, 2021","format":false,"excerpt":"LONDON: Oil prices rose on Wednesday on signs of a speedy economic recovery and upbeat forecasts for energy demand supported by vaccinations against Covid-19 although waves of infections in India and Brazil curbed gains. Brent crude climbed $0.34, or 0.5% to $68.89 a barrel at 0951 GMT. West Texas Intermediate\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"Oil-climbs-on-demand-outlook-as-market-awaits-fresh-cues-rapidnews","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/05\/Oil-climbs-on-demand-outlook-as-market-awaits-fresh-cues-rapidnews.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":2559,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/01\/25\/oil-prices-edge-lower-as-covid-19-lockdown-concerns-overshadow-demand-prospects\/","url_meta":{"origin":2918,"position":4},"title":"Oil prices edge lower as Covid-19 lockdown concerns overshadow demand prospects","date":"January 25, 2021","format":false,"excerpt":"Oil prices slipped for a second straight session on Monday as renewed Covid-19 lockdowns raised fresh concerns about global fuel demand. Brent crude futures for March fell 8 cents, or 0.1%, to $55.38 a barrel by 0717 GMT, while US\u00a0West Texas Intermediate crude for March was at $52.26 a barrel,\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"rapid-news-rapidnews-Oil-prices-edge-lower-as-Covid-19-lockdown-concerns-overshadow-demand-prospects","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/01\/rapid-news-rapidnews-Oil-prices-edge-lower-as-Covid-19-lockdown-concerns-overshadow-demand-prospects.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":3725,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/02\/03\/oil-prices-near-1-year-highs-after-stocks-draw-supply-deficit-forecast\/","url_meta":{"origin":2918,"position":5},"title":"Oil prices near 1-year highs after stocks draw, supply deficit forecast","date":"February 3, 2021","format":false,"excerpt":"Both benchmark oil contracts were close to their highest in about a year on Wednesday, boosted by a draw in US crude and gasoline stocks, which fuelled demand recovery hopes as OPEC+ has forecast that the market will be in deficit in 2021. Brent crude futures were up $0.55, or\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"Oil-prices-near-1-year-highs-after-stocks-draw-supply-deficit-forecast-dailyrapidnews","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/02\/Oil-prices-near-1-year-highs-after-stocks-draw-supply-deficit-forecast-dailyrapidnews.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/2918","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/comments?post=2918"}],"version-history":[{"count":1,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/2918\/revisions"}],"predecessor-version":[{"id":2921,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/2918\/revisions\/2921"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/media\/2919"}],"wp:attachment":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/media?parent=2918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/categories?post=2918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/tags?post=2918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}