30-06-2023, 08:18 AM
By Scott Disavino
June 29, 20233:37 AM GMT+8Updated a day ago
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The U.S. Energy Information Administration (EIA) said crude inventories dropped by 9.6 million barrels in the week ended June 23, far exceeding the 1.8-million barrel draw analysts forecast in a Reuters poll and also much bigger than the 2.8 million barrel draw a year earlier. It also exceeded the average draw in the five years from 2018-2022.
"Overall, very solid numbers that kind of fly in the face of people who have been saying that the market is oversupplied. This report could be a bottom (for oil prices)," said Phil Flynn, an analyst at Price Futures Group.
Investors remained cautious that interest rate hikes could slow economic growth and reduce oil demand.
"If anybody is going to rain on the bull market it will be (U.S. Federal Reserve Chair) Jerome Powell," Flynn said.
https://www.reuters.com/markets/commodit...023-06-28/
June 29, 20233:37 AM GMT+8Updated a day ago
......
The U.S. Energy Information Administration (EIA) said crude inventories dropped by 9.6 million barrels in the week ended June 23, far exceeding the 1.8-million barrel draw analysts forecast in a Reuters poll and also much bigger than the 2.8 million barrel draw a year earlier. It also exceeded the average draw in the five years from 2018-2022.
"Overall, very solid numbers that kind of fly in the face of people who have been saying that the market is oversupplied. This report could be a bottom (for oil prices)," said Phil Flynn, an analyst at Price Futures Group.
Investors remained cautious that interest rate hikes could slow economic growth and reduce oil demand.
"If anybody is going to rain on the bull market it will be (U.S. Federal Reserve Chair) Jerome Powell," Flynn said.
https://www.reuters.com/markets/commodit...023-06-28/