377tkr
2021-08-25
Oh!oh!
Oil falls in breather after two-day rally on supply issues
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Prices mainly climbed because of the loss of more than 400,000 barrels per day of supply in Mexico after a fire on an oil platform.</p>\n<p>Last week's losses were driven by fears that the spread of the highly contagious Delta variant of the coronavirus in Asia would slow the region's economic recovery.</p>\n<p>Demand in the United States, the world's biggest oil consumer, appears to be holding up well, according to the latest data from industry group The American Petroleum Institute.</p>\n<p>API data showed crude inventories fell 1.6 million barrels for the week ended Aug. 20, while gasoline stockpiles fell 1 million barrels, according to sources, who spoke on condition of anonymity.</p>\n<p>Analysts were expecting crude stockpiles to fall by 2.7 million barrel and gasoline stocks to drop by 1.6 million barrels, according to a Reuters poll.</p>\n<p>Official data from the U.S. Energy Information Administration is due to be released on Wednesday at 1430 GMT.</p>\n<p>In a promising sign that the spread of Delta infections was easing in China, the country on Wednesday reported just 20 new confirmed coronavirus cases for Aug. 24, down from 35 a day earlier.</p>\n<p>ANZ commodity analysts pointed to a pick-up in traffic in Beijing and Shanghai as evidence of the Delta variant being \"stamped out\".</p>\n<p>\"Nevertheless, improvements in the airline industry may lag amid some ongoing restrictions,\" ANZ Research said in a note, adding that the loss of Mexican supply is equal to planned output increases in August from the Organization of the Petroleum Exporting Countries and its allies.</p>","source":"highlight_streetinsider","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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