Oil Inventories

Global oil inventories will increase over the next two years with more global oil production than consumption, the US Energy Information Administration (EIA) has forecast

LONDON (Reuters) - Oil rose more than $1 a barrel on Thursday, extending gains from the previous session, buoyed by improved risk appetite among investors as lower crude inventories and a rebound in gasoline demand in the United States supported prices.

(Reuters) -Oil prices fell over $2 a barrel on Wednesday before recouping some losses, under pressure from global central bank efforts to limit inflation and ahead of an expected buildup in U.S. crude inventories as fuel demand weakens.

It will also help Indonesia to reduce stockpiles that swelled after its export ban earlier this year and pressured local prices lower and squeezed farmer's incomes.

Weekly data from the US Energy Information Administration is due later on Wednesday

US crude inventories rose by 1 million barrels in the most recent week, short of estimates for a 2.1 million build in crude stocks

U.S. crude inventories fell by 6.4 million barrels last week, more than the 3.5 million-barrel drop analysts expected

Oil prices held on to most of their gains from the previous session on Thursday, as signs of stronger demand helped offset an unexpected rise in US inventories

Signs of strong Asian demand from both China and India also strengthened the market

Oil prices rose after data showed US crude inventories fell more than expected, reinforcing views of a tightening supply-demand balance with road and air travel picking up in Europe and North America

Oil prices dropped on a surprise gain in crude oil inventories in the US and as investors continued to worry about demand for fuel being squeezed amid Covid-19 lockdowns

Brent crude futures gained 35 cents to $43.57 a barrel by 10:57 a.m. EDT (1457 GMT). US West Texas Intermediate crude futures were up 18 cents to $41.22.

Inventories of crude oil in the US dropped by 6.8 million barrels last week to 531 million barrels, data showed

IOC said the company is consistently valuing its inventories at cost or net realisable value (NRV) whichever is lower

He saw the target being reached in the very near future