Commodity Update March 11, 2021: Oil Surge amid US Crude Inventories Topping Expectations

Tthe U.S. Energy Information Administration (EIA) reported that U.S. crude oil inventories increased by 13.8 million barrels during the week ending March 5, higher than what analysts had anticipated at 2.7 million barrels.

The momentum in oil prices remained strong after the OPEC+ decided last week to extend the production cut into April. However, analysts said that the surging oil price itself would pose risks to the mid-term price performance.