{"id":457983,"date":"2021-12-23T09:32:58","date_gmt":"2021-12-23T04:02:58","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=457983"},"modified":"2021-12-23T09:55:47","modified_gmt":"2021-12-23T04:25:47","slug":"oil-prices-rally-on-inventory-drawdown-casting-omicron-caution-to-the-wind","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/oil-prices-rally-on-inventory-drawdown-casting-omicron-caution-to-the-wind\/","title":{"rendered":"Oil prices rally on inventory drawdown, casting Omicron caution to the wind"},"content":{"rendered":"<p>Oil prices rose on Wednesday after a larger-than-expected drawdown in U.S. inventories, shaking off worries about the likely hit to economic activity from the spread of the Omicron coronavirus variant.<\/p>\n<p>Brent crude futures ended the day up $1.31, or 1.8%, to $75.29 a barrel. U.S. West Texas Intermediate (WTI) crude futures settled at $72.76 a barrel, up $1.64, or 2.3%. <\/p>\n<p>U.S. inventories fell more than expected, with crude stocks down by 4.7 million barrels, though that is in part due to year-end tax considerations that encourage companies not to store crude barrels. <\/p>\n<p>&#8220;We saw a drop in production, we saw inventories and crude fall, so that&#8217;s giving the market a supportive outlook,&#8221; said Phil Flynn, senior analyst at Price Futures Group in Chicago.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices rose on Wednesday after a larger-than-expected drawdown in U.S. inventories, shaking off worries about the likely hit to economic activity from the spread of the Omicron coronavirus variant. Brent crude futures ended the day up $1.31, or 1.8%, to $75.29 a barrel. U.S. West Texas Intermediate (WTI) crude futures settled at $72.76 a barrel, up $1.64, or 2.3%. U.S. inventories fell more than expected, with crude stocks down by 4.7 million barrels, though that is in part due to year-end tax considerations that encourage companies not to store crude barrels. &#8220;We saw a drop in production, we saw [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[135,130,169],"tags":[],"class_list":["post-457983","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-newspapers","category-oil-gas-business-standard-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/457983","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=457983"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/457983\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=457983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=457983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=457983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}