Oil in Asia fell on Thursday morning and India’s demand continued to decline.
Brent oil futures were down 0.69% at $ 71.72 and WTI futures were down 0.69% at $ 69.48.
India, the world’s third-largest oil consumer, recorded the lowest fuel demand since August 2020 as economic activity was hampered by an increase in COVID-19 cases, which rose to 29 million on June 10.
The U.S. Energy Information Administration (EIA)’s U.S. crude oil supply data on Wednesday showed a balance of 5.241 million barrels for the week ended June 4. The forecasts prepared by Investing.com forecast a balance of 2.036 million barrels, while a balance of 5.080 million barrels was recorded in the previous week.
U.S. Petroleum’s crude oil supply data released the previous day showed a balance of 2.108 million barrels.
Despite the fall in crude inventories, the U.S. The demand outlook on petrol stocks was mixed and increased by 7 million barrels to 241 million compared to the forecast for 698,000 barrels. Diesel and heating oil reserves also increased by 4.4 million barrels compared to a 1.4 million increase.
“Markets were optimistic as demand entered the United States during the summer driving season … (COVID-19) Acceleration of vaccines and rising traffic numbers are a plus for demand for transport fuel.
U.S. Oil reserves, including the Strategic Petroleum Reserve (SPR), fell for the 11th week in a row, refineries increased production.
Meanwhile, Libya’s Waha Oil Co. It is said to return to normal discharge operations after repairing a pipeline leak on Thursday. The leak, which was announced on Monday, is said to have caused oil production to fall to 130,000 barrels a day on Wednesday, up from 285,000 BPD a day earlier.