Fri. Jan 15th, 2021

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Oil prices dip

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OIL

Oil prices slipped on Tuesday as investors remained concerned about climbing coronavirus cases globally, but expectations of a drawdown in crude oil inventory in the United States for a fifth straight week kept losses in check.

Brent crude oil futures slipped 10 cents, or 0.2%, to $55.56 a barrel by 0500 GMT, while U.S. West Texas Intermediate (WTI) fell 8 cents, or 0.2%, to $52.17 a barrel.

Worldwide coronavirus cases surpassed 90 million on Monday, according to a Reuters tally, as nations around the globe scramble to procure vaccines and continue to extend or reinstate lockdowns to fight new coronavirus variants.

U.S. crude oil stockpiles likely fell for a fifth straight week, while refined products inventories were seen up last week.

The poll was conducted ahead of reports from industry group American Petroleum Institute later on Tuesday and the Energy Information Administration (EIA), the statistical arm of the U.S. Department of Energy, on Wednesday.

Brent could rise to $65 per barrel by summer 2021, Goldman Sachs said, driven by Saudi cuts and the implications of a shift in power to the Democrats in the United States. The Wall Street investment bank had previously predicted oil would hit $65 by year-end.

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