Ringgit opens higher after largest crude oil draw reports

02 Juillet, 2020, 11:39 | Auteur: Auguste Feret

U.S. West Texas Intermediate (WTI) crude futures fell 13 cents, or 0.3%, to $39.69 a barrel at 0024 GMT, trimming a 1.4% rise from Wednesday.

Oil prices rose in the previous session after U.S. Energy Information Administration data showed U.S. crude inventories USOILC=ECI fell 7.2 million barrels from a record high last week, far more than analysts had expected, as refiners ramped up production and imports eased.

Crude inventories dropped by 8.2 million barrels to 537 million barrels, against analysts' forecasts for a draw of 710,000 barrels.

Oil prices rose on Wednesday on a string of positive manufacturing data and a drawdown in USA crude inventories, both indicating an economic recovery and rise in energy demand despite surging coronavirus infections around the world.

Sentiment was also boosted by improving economic data around the world. In China, factory activity grew at a faster clip in June, a private business survey showed.

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In a sign that fuel demand is recovering, tens of millions of barrels of crude and oil products stored on tankers at sea due to the coronavirus crisis are being sold, shipping sources said.

A surge in new infections in the United States has anxious some investors, but most are betting this will not be enough to derail a broader rebound in the global economy.

"Largely we are moving forward in the way of demand and not backward, despite the negative view of coronavirus cases rising", said Tony Headrick, energy markets analyst at CHS Hedging.

"US crude oil refinery inputs averaged 14.0 million barrels per day during the week ending June 26, 2020, which was 193,000 barrels per day more than the previous week's average".

"The fall in output means that OPEC over-complied with the deal in June, with compliance coming in at 107 per cent, " ING Economics said, though noting that the over-compliance followed additional cuts by Saudi Arabia, the United Arab Emirates and Kuwait.

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