Oil climbs on economic outlook, fuel stocks drawdown

11.03.2021 - Davydova Maria
Oil climbs on economic outlook, fuel stocks drawdown

Crude oil prices rose on Thursday as vaccine rollouts boosted the economic outlook. U.S. fuel stockpile dropped, but gains were capped by a spike in crude oil stocks following a storm in Texas last month. 

Brent crude oil futures for May delivery gained 0.8%, or 55 cents, at $68.45 per barrel. U.S. West Texas Intermediate crude for April contract rose 0.8%, or 52 cents, at $64.96 per barrel.

U.S. gasoline stocks dropped by 11.9 million barrels to 231.6 million barrels in the week ended March 5, contrary to analysts’ expectations for a 3.5 million-barrel decline.

However, crude inventories climbed by 13.8 million barrels to 498.4 million barrels in the week ended March 5, contrary to analysts’ expectation for an 816,00-barrel surge. The U.S. oil industry is still recovering from the effect of a winter storm in February, which affected production in Texas. 

The U.S. House of Representatives approved on Wednesday a massive $1.9 trillion economic stimulus package, giving President Joe Biden his first major victory in office. 

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