Oil drops on oversupply warnings, rising Covid cases
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Saturday
January 28, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
SATURDAY, JANUARY 28, 2023
Oil drops on oversupply warnings, rising Covid cases

Global Economy

Reuters
17 November, 2021, 04:55 pm
Last modified: 17 November, 2021, 05:02 pm

Related News

  • Oil edges up as US crude inventories rise less than expected
  • Oil down 1% on another surprise build in US crude stocks
  • India cuts windfall tax on crude, export taxes on aviation fuel and diesel
  • Malaysia keeps January crude palm oil export duty at 8%
  • Oil rises, poised to end week higher despite economy concerns

Oil drops on oversupply warnings, rising Covid cases

Brent crude futures dropped 79 cents, or 1%, by 1038 GMT to $81.64 a barrel, erasing Tuesday's 38 cent gain

Reuters
17 November, 2021, 04:55 pm
Last modified: 17 November, 2021, 05:02 pm
Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. Picture taken August 21, 2019/ Reuters
Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. Picture taken August 21, 2019/ Reuters

Oil prices fell on Wednesday after the International Energy Agency (IEA) and OPEC warned of impending oversupply and as Covid-19 cases in Europe increased the downside risks to demand recovery, though a fall in US gasoline stocks curbed losses.

Brent crude futures dropped 79 cents, or 1%, by 1038 GMT to $81.64 a barrel, erasing Tuesday's 38 cent gain.

US West Texas Intermediate (WTI) crude futures fell 94 cents, or 1.2%, to $79.82 a barrel, extending a 12 cent loss from Tuesday.

The IEA on Tuesday warned that while the "oil market remains tight by all measures, ... a reprieve from the price rally could be on the horizon ... due to rising oil supplies".

The agency said that high price levels will see US oil production rising again in 2022, accounting for about 60% of its forecast of 1.9 million barrels per day for non-OPEC supply growth.

On Tuesday, OPEC Secretary General Mohammad Barkindo said the group sees signs of an oil supply surplus building from next month adding that its members and allies will have to be "very, very cautious".

New waves of Covid-19 cases in Europe which drove some governments to reimpose restrictions also weighed on prices.

"The impact has thus far been negligible," oil brokerage PVM's Stephen Brennock said. "That being said, the risk is there for the situation to escalate and mobility levels to be severely undermined in the coming months," he added.

A larger than expected fall in US gasoline stocks capped some losses.

Data from the American Petroleum Institute industry group showed on Tuesday gasoline stocks fell by 2.8 million barrels for the week ended Nov. 12, according to market sources.

The drawdown was much bigger than the 600,000-barrel decrease that 10 analysts polled by Reuters had expected.

Crude inventories rose by 655,000 barrels, the market sources said, compared with expectations for a 1.4 million barrel build, while distillate stocks rose by 107,000 barrels.

Official Energy Information Administration data is due later on Wednesday.

Top News / World+Biz

Bent oil / crude oil / Oil drop

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • The Bombay blood type: A rare blood group in urgent need of database
    The Bombay blood type: A rare blood group in urgent need of database
  • Photo: TBS
    TBS Roundtable: What lies ahead in 2023
  • Photo: TBS
    BNP demands govt's immediate resignation as road march in Dhaka begins

MOST VIEWED

  • Indian billionaire Gautam Adani addresses delegates during the Bengal Global Business Summit in Kolkata, India. Photo: Reuters
    Who is behind Hindenburg, the company that is shorting Adani?
  • Photo: Collected
    China differs with IMF on Sri Lanka debt moratorium
  • Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. Picture taken August 21, 2019/ Reuters
    US House passes bill limiting drawdowns from strategic oil reserve
  • Adani Group Chairman Gautam Adani in a 2009 photo. Photo: Collected
    India's Gautam Adani: Asia's richest man in the eye of a storm
  • Illustration: Itziar Barrio
    Adani faces one of worst billionaire wipeouts with empire under siege
  • A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, US June 9, 2016. Photo :Reuters
    Oil prices settle lower on stronger supply outlook

Related News

  • Oil edges up as US crude inventories rise less than expected
  • Oil down 1% on another surprise build in US crude stocks
  • India cuts windfall tax on crude, export taxes on aviation fuel and diesel
  • Malaysia keeps January crude palm oil export duty at 8%
  • Oil rises, poised to end week higher despite economy concerns

Features

Snipe in flight. Photo: Enam Ul Haque

Baikka Beel: 'A world where snipe work late'

43m | Panorama
Photo: Noor-A-Alam

Pet cafes: Where love for food and animals cohabit

2h | Food
Illustration: TBS

How MFS is turbocharging national economy

5h | Thoughts
Now is the time to focus on FDI composition

Now is the time to focus on FDI composition

7h | Panorama

More Videos from TBS

Gold covered mummy discovered in Egypt

Gold covered mummy discovered in Egypt

13m | TBS World
Kajol’s road paintings bring change in Gafargaon

Kajol’s road paintings bring change in Gafargaon

1d | TBS Stories
Carew & Company witnessed a remarkable growth

Carew & Company witnessed a remarkable growth

1d | TBS Stories
Gavi may have to leave Camp Nou

Gavi may have to leave Camp Nou

18h | TBS SPORTS

Most Read

1
Picture: Collected
Bangladesh

US Embassy condemns recent incidents of visa fraud

2
Four top bankers arrested in DSA case filed by S Alam group 
Bangladesh

Four top bankers arrested in DSA case filed by S Alam group 

3
Illustration: TBS
Banking

16 banks at risk of capital shortfall if top 3 borrowers default

4
Photo: Collected
Splash

Hansal Mehta responds as Twitter user calls him 'shameless' for making Faraaz

5
A frozen Beyond Burger plant-based patty. Photographer: AKIRA for Bloomberg Businessweek
Bloomberg Special

Fake meat was supposed to save the world. It became just another fad

6
Representational Image
Banking

Cash-strapped Islami, Al-Arafah and National turn to Sonali Bank for costly fund

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]