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Inventory Draw Helps Oil Ease Higher

OIL

Oil edged higher in Asia on Wednesday; WTI is up $0.26 at $52.87, brent is $0.24 higher at 56.16.

  • Markets digest the API stockpile data after-market yesterday which showed headline crude inventories fell by 5.27m bbls last week, while stocks at Cushing fell 3.48m bbls. Upside was tempered by builds in both downstream product measures. Markets will now look towards the more comprehensive DoE inventory data in the US session.
  • OPEC Secretary-General Mohammad Barkindo was optimistic yesterday at the Iranian Petroleum and Energy Club Congress and Exhibition.: "With the market currently switching into backwardation, we are hopeful that 2021 will be a good year," he said.

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