Oil declines ahead of US inventories data
- Date: 10-Feb-2021
- Source: Arab News
- Sector:Oil & Gas
- Country:Middle East
Oil declines ahead of US inventories data
Oil prices eased slightly on Wednesday ahead of official data on US crude stockpiles, and as industry report showed a decline in inventories. International benchmark Brent crude was trading down 0. 1 percent at $61. 03 per barrel, at 7 am Riyadh time. WTI crude fell 0. 2 percent to $58. 23 a barrel. US crude inventories decline by 3. 5 million barrels in the week to Feb. 5 to about 474. 1 million barrels, Reuters reported, citing data from the American Petroleum Institute. Official Energy Information Administration (EIA) data on US stockpiles is due later today. Here are a few things you need to know as Saudi stocks start trading on Wednesday. 1) National Commercial Bank (NCB) reported net profit of SR 11. 4 billion ($3. 04 billion) for 2020, up 0. 3 percent year-on-year (YoY). 2) Saudi Public Transport Co.'s (SAPTCO) board of directors recommended withholding cash dividend for 2020. 3) Abdullah Saad Mohammed Abo Moati for Bookstores Co. (Abo Moati) reported a net profit after Zakat and tax of SR 4. 5 million for the nine months period ended Dec. 31, 2020, a 56 percent YoY decline. 4) Ataa Educational Co. signed a binding memorandum of understanding