Anxieties still loom over the crude oil markets despite strong demand
The oil price recorded a modest rise this week despite the significant drop in the crude stocks in the world’s biggest consumer of the commodity, the US. Both the API, American Petroleum Institute, and the EIA, US Energy Information Administration, came up with the encouraging numbers that showed a consistent drop in the US crude oil inventories for the week ending September, 10. In addition, the US oil rig count has gone up as well, having been in the doldrums for months. Despite the demand being back on track, the slight rise in the crude oil price in the markets has baffled the investors and analysts alike. On one hand, the countries across the world are coming to terms with the impact on their economies by the new Delta variant of the Coronavirus; on the other hand, the crude oil inventories are falling across the world. Yet, markets chose to exercise caution rather than being buoyed by the statistics, which usually push the price up in the current circumstances. This