ChemAnalyst

Crude oil experienced sharp fall during Asian trading with the ICE Brent Futures dropping by close to 5% owing to heightened concerns of over supply during the first quarter of 2022. The rise in the supply is expected to be triggered by US led inventory release plans by the leading consumers. Another reason for price fall is the bearish demand fundamentals which are expected to develop owing to the new coronavirus variant related fourth wave of the pandemic. In a joint effort several countries including US, China, India, South Korea, Japan, and the UK have agreed to release more Crude Oil from their strategic reserves in order to cap the rising prices of Crude Oil . Crude oil is a hydrocarbon-rich liquid fuel residing in deep reservoirs under the Earth’s crust which is collected using the drilling process and refined to form extremely important fuels like gasoline, diesel, heating oil etc., which are used in powering transport, generating electricity and heating purposes. Crude oil i...

The crude oil inventories, in the USA, capped off the third week closing with unforeseen gains of around 2.3 million barrels reversing the sky-rocketing oil prices in the country on Wednesday. The price of Brent oil on Wednesday was recorded to be USD 85.12 per barrel after registering a degradation of 1.42% from the price recorded on Tuesday. As per the American Petroleum Institute data, the stockpiles of gasoline and distillates also showed an increase of 530,000 barrels 986,000 barrels respectively. The higher stockpiles were realised at the largest crude oil storage capacity of the world, NYMEX delivery point of Cushing, Oklahoma, accountable for 16% of the total USA crude oil capacity. The prices of crude oil were seen to drop in Europe as well, following the rise in USA crude oil stockpiles. The ICE Brent oil futures contract settled at USD 1.15 per barrel after showing a decline of 1.33%. Crude oil is a mix of liquid hydrocarbons and is extracted from underground reservoirs...