Oil rises with a decline in stocks and recovery in economic Outlook
The cold in Texas last month limited the increase in crude oil stocks. Crude oil prices soared on Thursday as vaccine practices bolstered the economic outlook and U.S. fuel stocks fell sharply.
Brent crude oil futures for May rose 55 cents, or 0.8%, to $68.45 a barrel by 0328 GMT, while West Texas Intermediate crude for April was up 52 cents, or 0.8%, at $64.96.
Gasoline inventories fell, strong demand for end products supported oil prices, thus contributing to the economic recovery.
The Energy Information Administration (EIA) said US gasoline stocks fell 11.9 million barrels on the week of March 5 to 231.6 million barrels while expecting a 3.5 million barrels drop.
Meanwhile, crude oil stocks rose by 13.8 million barrels to 498.4 million barrels during the week of March 5, despite analysts' anticipation of an increase of 816,000 barrels. The return of production in Texas to its real performance, which has been suspended due to the cold, has a high share in this situation.
Globally, stocks are abundant due to the crude oil stored in major onshore and offshore centers, according to analysts and ship viewers.
Finally, the US House of Representatives gave final approval Wednesday to a comprehensive $ 1.9 trillion COVID-19 aid stimulus, one of the largest economic revival measures in American history.
The Saudi Arabian foreign minister said Wednesday that the kingdom will take deterrent actions to protect oil facilities against the Iranian Houthi movement in Yemen.
