Oil / Commodities - Oil steadied after its biggest one-day gain this year as investors embraced risk assets and industry estimates showed another draw in U.S. stockpiles. WTI crude traded above $81 a barrel after rallying 3.8% on Tuesday. the industry-funded American Petroleum Institute reported that U.S. crude inventories sank by about 1 million barrels last week. The snapshot also showed a drop in crude at the key storage hub in Cushing, although gasoline holdings jumped. Crude’s rally on Tuesday to the highest close since November 11th came alongside gains in raw materials and equities after Federal Reserve Chair Jerome Powell sought to reassure investors the central bank can rein in inflation without damaging the U.S. economy. If he succeeds, that will safeguard oil demand.
Newsletter - January 12, 2022
Newsletter - January 12, 2022
Newsletter - January 12, 2022
Oil / Commodities - Oil steadied after its biggest one-day gain this year as investors embraced risk assets and industry estimates showed another draw in U.S. stockpiles. WTI crude traded above $81 a barrel after rallying 3.8% on Tuesday. the industry-funded American Petroleum Institute reported that U.S. crude inventories sank by about 1 million barrels last week. The snapshot also showed a drop in crude at the key storage hub in Cushing, although gasoline holdings jumped. Crude’s rally on Tuesday to the highest close since November 11th came alongside gains in raw materials and equities after Federal Reserve Chair Jerome Powell sought to reassure investors the central bank can rein in inflation without damaging the U.S. economy. If he succeeds, that will safeguard oil demand.