Crude oil retreats from 7-year-highs

January 21, 2022 02:00 PM AEDT | By Arpit Verma

Crude oil retreats from 7-year-highs — Image source: © Batareykin | Megapixl.com

Rising US stocks

As per the US Energy Department, crude oil stocks rose by 515,000 barrels in the last week. At the same time, gasoline inventories jumped 5.9 million barrels, the highest in a year.

Supply concerns rose this week following a fire incident on Turkey's Kirkuk-Ceyhan pipeline that carries crude from northern Iraq to the Turkish port of Ceyhan due to a power pylon.

Source: © Designer491 | Megapixl.com

On Monday, Yemen’s Houthi group attacked the United Arab Emirates by exploding a fuel truck and killing three people. Furthermore, Houthi’s also warned they could target more facilities.

While the demand for oil remains steady, the US product supplies reached 21.2 million bpd over the past four weeks.

The overall supply disruptions in the industry are coming as OPEC+ members cannot fulfil their monthly production target of 400,000bpd.

Bottom Line

Crude oil prices inched lower on Thursday after reaching multi-year highs on Wednesday due to concerns related to tight supply as OPEC+ members cannot fulfil their monthly production target.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.