{"id":118924,"date":"2021-07-29T02:29:20","date_gmt":"2021-07-29T02:29:20","guid":{"rendered":"https:\/\/fin2me.com\/?p=118924"},"modified":"2021-07-29T02:29:20","modified_gmt":"2021-07-29T02:29:20","slug":"oil-prices-slip-but-remain-near-75-after-large-inventory-drawdown","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/oil-prices-slip-but-remain-near-75-after-large-inventory-drawdown\/","title":{"rendered":"Oil prices slip but remain near $75 after large inventory drawdown"},"content":{"rendered":"
FILE PHOTO: A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS\/Richard Carson<\/figcaption>

SINGAPORE (Reuters) – Oil prices slipped but remained near $75 per barrel on Thursday as crude stockpiles in the United States, the world\u2019s top oil consumer, fell last week to their lowest since January 2020 and imports and production dropped.<\/p>\n

Brent crude oil futures fell 5 cents, or 0.1%, to $74.69 a barrel by 0108 GMT while U.S. West Texas Intermediate (WTI) crude oil futures slipped by 4 cents, or 0.1%, to $72.35 a barrel.<\/p>\n

\u201cThe (oil inventory) falls suggest the rise in cases of COVID-19\u2019s Delta variant is having little impact on mobility,\u201d ANZ analysts said in a note on Thursday.<\/p>\n

Crude inventories fell by 4.1 million barrels in the week to July 23, the U.S. Energy Information Administration (EIA) said, helped by lower imports and a decline in weekly production.<\/p>\n

Gasoline stocks also dropped, bringing them largely in line with pre-pandemic levels.<\/p>\n

The U.S. economic recovery is still on track despite a rise in coronavirus infections, the Federal Reserve said on Wednesday in a new policy statement that remained upbeat and flagged ongoing talks around the eventual withdrawal of monetary policy support. The central bank left interest rates at 0%.<\/p>\n

Still, some worries on fuel demand remain with gasoline demand in the United States and Europe beginning to plateau. Analysts note that globally, pre-pandemic demand levels may not be seen until beyond next year if coronavirus infections and the slow pace of vaccinations further entrenches structural changes in demand.<\/p>\n

COVID-19 continues to inflict a devastating toll on the Americas, with Argentina, Colombia, Cuba, Ecuador and Paraguay among the countries with the world\u2019s highest weekly death rates, the Pan American Health Organization said.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FILE PHOTO: A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve […]<\/p>\n","protected":false},"author":3,"featured_media":118923,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nOil prices slip but remain near $75 after large inventory drawdown - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/oil-prices-slip-but-remain-near-75-after-large-inventory-drawdown\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices slip but remain near $75 after large inventory drawdown - Fin2me\" \/>\n<meta property=\"og:description\" content=\"FILE PHOTO: A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/markets\/oil-prices-slip-but-remain-near-75-after-large-inventory-drawdown\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-29T02:29:20+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/07\/Oil-prices-slip-but-remain-near-75-after-large-inventory-drawdown.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/markets\/oil-prices-slip-but-remain-near-75-after-large-inventory-drawdown\/\",\"url\":\"https:\/\/fin2me.com\/markets\/oil-prices-slip-but-remain-near-75-after-large-inventory-drawdown\/\",\"name\":\"Oil prices slip but remain near $75 after large inventory drawdown - 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