Oil Wavers As Traders Weigh U.S. Crude Rise Against Vaccine Aims
- U.S. crude stockpiles rose by 15.2 million barrels last week
- Prices little changed after initial selloff following EIA data
This article is for subscribers only.
Oil was little changed in the face of the second largest U.S. crude build on record as the market held onto hopes of an upcoming vaccine rollout lifting demand from its pandemic-induced slump.
U.S. benchmark crude futures in New York pared losses after falling as much as 1.4% earlier, though Brent eked out a gain. Canada became the latest country to approve a Covid-19 vaccine, with the country expecting to receive its first batch of Pfizer Inc. and BioNTech SE’s coronavirus vaccine next week. Crude prices were supported early Wednesday after militants attacked two wells in the Khabbaz oil field in Iraq, though the nation’s Oil Ministry said the wells were only producing around 2,000 barrels a day before the attack.