18.03.202111:55 Forex Analysis & Reviews: Benchmark oil grades extending slide amid doom and gloom in global oil market

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On Thursday, global oil prices are extending the bearish trend in light of a report on US oil inventories released yesterday. A weekly update logged another increase in US crude stocks.

May futures on Brent crude sank 0.65% to trade at $67.56 a barrel. In the New York trade on Wednesday, these contracts lost 0.6% and closed the trading day at $68 a barrel.

April futures on WTI crude skidded 0.63% to trade at $64.21 a barrel. Yesterday, WTI contracts shed 0.3% to $64.6 a barrel.

At present, oil prices are weighed down by another increase in US oil inventories which have been in a rise for 4 weeks in a row. Importantly, the US is acknowledged to be top petroleum consumer.

According to the US Energy Department, crude stockpiles in the US expanded 2.4 million barrels to 500.8 million barrels. By the way, a weekly dynamic surpassed the threshold mark of 500 million barrels for the first time since December 2020. However, growth in US inventories was less than expected last week as analysts had projected expansion of 2.7 million barrels.

Market participants are keeping close tabs on developments of the COVID-19 pandemic and its impact on global demand for energy. Recently, some European countries suspended the use of the UK-made vaccine by AstraZeneca due to severe side effects. Meanwhile, the EU has to deal with a new surge of coronavirus cases. Germany reports increasing numbers of new cases on a daily basis. Italy intends to tighten restrictions for the Easter holiday.

At the same time, commodity analysts point out optimistic market sentiment and reckon that oil prices are set to trade in a narrow range, wavering between gains and dips.

Analysts believe that information on expanding oil inventories in the US will drag down oil prices for the short term. Mass vaccination is picking up steam around the world. Besides, improving economic data arouse optimism about a steady recovery of the whole energy sector.

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