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COVID-19 - News digest as of 05.08.2021

August 05/2021

1. Crude oil futures going down on unexpected build in US crude inventories

MOSCOW (MRC) -- Crude oil futures extended decline Aug. 4 on the heels of an unexpected build in US crude inventories, reported S&P Global. NYMEX September WTI settled down USD2.41 at USD68.15/b Aug. 4, and ICE October Brent declined USD2.03 to USD70.38/b. Total US commercial crude oil stocks climbed 3.63 million barrels to 439.23 million barrels in the week ended July 30, US Energy Information Administration data showed Aug. 4. The build narrowed the deficit to the five-year average to around 6%, the smallest since the week ended June 18.
The build came as a surprise to markets that were largely expecting US inventories to continue a tightening trend.
American Petroleum Institute data released late-Aug. 3 showed a US crude draw of 879,000 barrels, while analysts surveyed by S&P Global Platts on Aug. 2 had pointed to a four-million barrel draw over the period.
Author:Margaret Volkova
Tags:Asia, crude and gaz condensate, medicine, COVID-19, USA.
Category:General News
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