Oil drops on oversupply warnings

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NEW YORK:

Oil prices fell on Wednesday after the International Energy Agency (IEA) and the Organisation of the Petroleum Exporting Countries (OPEC) warned of impending oversupply and as Covid-19 cases in Europe increased the downside risks to demand recovery. The market pared some of those losses after an unexpected decline in US crude oil stockpiles. Brent crude futures dropped 32 cents, or 0.4%, by 1410 GMT to $82.11 a barrel. US West Texas Intermediate (WTI) crude futures fell 43 cents, or 0.5%, to $80.33 a barrel. US crude oil inventories fell by 2.1 million barrels last week, latest government data showed, running against analyst expectations for a build of 1.4 million barrels. 

Published in The Express Tribune, November 18th, 2021.

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