- The Pfizer-BioNTech COVID-19 vaccine is fully licensed in the United States
- Mexican beach platform fire takes 400,000 bpd offline
- The United States is set to sell up to 20 million barrels of SPR shares
- API U.S. crude stocks fell 1.6 million barrels last week – sources
NEW YORK, Aug. 24 (Reuters) – Oil prices rose 3% on Tuesday as a result of a fire at a gas station and full control of covand-19 vaccines in the United States.
Brent crude futures traded at $ 71.05 a barrel ($ 2.30, US $ 3.4%), and West Texas Intermediate (WTI) was $ 1.90 ($ 2.9%) or $ 67.54.
Oil rose more than 8% for the week, down from 7.6% last week, the biggest weekly decline over nine months.
After the US Food and Drug Administration allowed it to be used for emergency use last December, the US Food and Drug Administration (FDA) gave a full license to the ephesus / biotech vaccine, and investors took a brighter view of the ongoing fight against the virus. Read more
Analysts say that China’s delta’s success in fighting the coronavirus variant is not as insignificant in recent data.
Gary Cunningham, director of traditional energy marketing research at Stamford, Connecticut, said:
Also, a fire at a petrol station near Mexico on Sunday, which supports oil prices, has since reduced government-produced Pamex oil production by about 25 percent. Five workers died, and the fire stopped producing 421,000 barrels a day.
Prices of heavy oil prices are rising along the Gulf Coast of the United States, with traders saying the market has been cut off from Mexican supplies. Read more
“The market is getting its tail from the PEMEX fire,” said Bob Yagger, future director of energy in Mizuho, New York.
Still, Jaguar warned that markets could change direction if U.S. government data showed an increase in gas stations on Wednesday. Analysts at Reuters expect gasoline prices to fall, but expect profit margins.
According to traders at the US Petroleum Institute on Tuesday, 1.6 million barrels of oil fell and 1 million barrels of oil fell. Prices have not changed much in the post-settlement business following the data. The official data of the Energy Information Administration will be released on Wednesday at 10:30 ET (1430 GMT).
According to the US Department of Energy, up to 20 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) will be sold from October 1 to December 15.
Meanwhile, Indian refineries’ oil prices rose sharply in three months in July. Read more
Additional report by Jessica Jaganatan in Singapore and edited by Ahmed Gadar in London by John Stonestreet, David Goodman, David Gregory and Jonathan Otis
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