OIL PRICE: NEAR $87 AGAIN
Vladimir Vinogradov
WOGNEWS.NET, Global Energy Market Climate Changes News. Новости мирового энергетического рынка, изменений климата.
Brent were down $1.00, or 1.1%, to $87.38 a barrel. WTI slid $1.16, or 1.4%, to $84.39 a barrel.?
The recent rally in crude prices appeared to run out of steam on Thursday when Brent and WTI ended the trading session with slim losses, but both benchmarks have gained more than 10% this year and are headed for a fifth straight weekly gain.
Gasoline inventories in the United States, the world's biggest oil consumer, rose by 5.9 million barrels to their highest since February 2021, according to the U.S. Energy Information Administration (EIA).
Crude stockpiles rose by 515,000 barrels last week, against industry expectations.
Oil supply concerns mounted this week after Yemen's Houthi group attacked the United Arab Emirates, OPEC's third-largest producer, while Russia, the world's second-largest oil producer, has built up a large troop presence near Ukraine's border, stoking fears of an invasion.
However, the International Energy Agency (IEA) said on Wednesday that oil supply will soon overtake demand as some producers are set to pump at or above all-time highs, while demand holds up despite the spread of the Omicron coronavirus variant.