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Original title:[Intraday petrolio greggio]New Corona Vaccine Optimism Continues To Encourage Market Crude Oil Inventories To Increase Unexpectedly Oil Prices Continue To Reach New Highs Since March
FX168 Financial News (North America) Although industry data shows U.S. crude oil inventories have risen, investors are still concerned about the development of the new corona vaccine, which could promote global economic recovery. Oil prices continued their intraday gains on Wednesday (November 25), holding their highest levels since early March. As of press time, US WTI crude oil futures for January were up 49 cents, or 1.09%, to $ 45.40 a barrel; January futures on Brent crude rose 46 cents, or 0.96%, to $ 48.24 a barrel.
Oil prices have been on a strong trend over the past couple of weeks, as drug manufacturers report vaccine candidates have performed well in subsequent studies, offsetting concerns over the continued rise in confirmed cases of new coronary pneumonia in Europe and in the United States.
On Tuesday, Emily Murphy, director of the General Services Administration, told Democratic presidential candidate Joe Biden that the Trump administration is providing federal resources for its transition, and traders believe this helps alleviate uncertainty in the financial market.
News reports earlier this month said tensions between OPEC and its allies are on the rise. The alliance plans to loosen existing restrictions in January next year, but is expected to make a decision between November 30 and December.
At 5:30 am on Wednesday, Hong Kong time, data released by the American Petroleum Institute (API) showed that as of the week of November 20, API crude oil inventories increased by 3.8 million barrels to 490 million barrels, which should decrease by 333,000 barrels; gasoline inventories increased by 1.3 million. Barrels; stocks of refined oil decreased by 1.8 million barrels; Cushing crude oil inventories fell 1.4 million barrels; Crude oil imports increased by 237,000 barrels a day last week.
On Wednesday at 11:37 am Eastern Time (11:37 pm Hong Kong time), the price of US WTI crude oil futures was quoted at $ 45.40 per barrel.
At 11:37 am Eastern Time on Wednesday (11:37 pm Hong Kong time), Brent crude oil futures prices were reset to $ 48.24 a barrel.
(5 minute chart of Brent crude oil futures prices, source: TradingView, FX168)
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