Increased U.S. crude oil supply casts a shadow over market prospects

China Petroleum & Chemical News Network reported on May 20, London, according to the "Energy Year" website, on Thursday morning, Asian oil prices rose, but they are still at a three-week low, despite the increase in fuel supply in the United States.

As of 13:09 Eastern Time (5:09 AM GMT), Brent crude oil futures rose 0.

According to U.

According to crude oil supply data released by the American Petroleum Institute the day before, an increase of 620,000 barrels was better than expected.

On the demand side, although oil prices have risen by about 30% this year due to the continued economic recovery from the new crown epidemic in the United States and parts of Europe, the re-emergence of new crown cases in parts of Asia still casts a shadow on the market.

ING Economics stated in a report that the re-emergence of new coronary pneumonia cases in parts of Asia will not support the market in the short term.

Hao Fen translated from "Energy Year"

The original text is as follows:

Build in US crude supplies clouds outlook for oil

Oil was up Thursday morning in Asia but remained a three-week low even if the US increased its fuel supplies.

　　Brent oil futures were up 0.

　　US crude oil supply data from the US Energy Information Administration, released on Wednesday, showed a build of 1.

　　Crude oil supply data from the American Petroleum Institute released the day before showed a better-than-expected build of 620,000 barrels.

　　On the demand front, although oil is up about 30% this year due to the continuous economic recovery from Covid-19 in the US and parts of Europe, a resurgence of Covid-19 cases in parts of Asia remains to overshadow the market.

　　"A resurgence in Covid-19 cases across parts of Asia is doing little to support the market in the near term," ING Economics said in a note.