|Bid||57.92 x 800|
|Ask||58.04 x 1000|
|Day's Range||57.83 - 57.98|
|52 Week Range||55.26 - 58.67|
|PE Ratio (TTM)||N/A|
|YTD Daily Total Return||-0.03%|
|Beta (5Y Monthly)||0.92|
|Expense Ratio (net)||0.25%|
Oil prices remained under pressure for a fourth day running after the International Energy Agency said it will take another two years at least for global demand to return to pre-pandemic levels. The U.S. Energy Information Administration, meanwhile, reported a fourth straight weekly build in crude stockpiles. It also cited higher inventories of gasoline and distillates for last week as refining activity picked up briskly from outages caused by the mid-February Texas snowstorm.
Oil prices rebounded on Wednesday, snapping a two-day slide, as the market looked beyond government data indicating that output was recovering faster than refining after last month’s storm-related outages in Texas. Futures of New York-traded West Texas Intermediate, the benchmark for U.S. crude, initially fell on the Energy Information Administration’s weekly petroleum supply-demand report. The EIA estimated U.S. crude production at 10.9 million barrels per day for the week ended March 5, up from 10 million bpd estimated for the week ended Feb. 26.
Oil prices jumped on Wednesday as market participants focused on talk that the OPEC+ global alliance of producers might withhold an output hike for April, overshadowing a U.S. government report showing a humongous build in crude stocks for last week. Expectations have been rife over the past week that OPEC+, a 23-member coalition which bands the original 13 members of the Saudi-led Organization of the Petroleum Exporting Countries with 10 non-members steered by Russia, will raise output by 500,000 barrels per day at least from next month. Reuters, however, reported on Wednesday, quoting three OPEC+ sources, as saying the alliance was considering rolling over existing production cuts in April, instead of raising output, as oil demand recovery remained fragile due to the Covid-19.