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Commodity: slight increase in oil prices

03/07/2024
Source : ORISHAS-FINANCE
Categories: Raw materials

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After industrial data showed a sharper-than-expected reduction in U.S. crude inventories, which boosted hopes for solid fuel demand during the summer driving season in the country that consumes the most oil, oil prices have increased significantly during the summer driving season in the country that consumes the most oil. Increased sharply in early Asian trading on Wednesday

.

Brent crude oil futures rose 16 cents, or 0.2%, to $85.60 per barrel at 0033 GMT. West Texas Intermediate U.S. crude oil futures rose 14 cents, or 0.2%, to $82.95 per barrel. Both benchmarks closed lower on Tuesday as fears that Hurricane Beryl would disrupt production in the Gulf of Mexico subsided. According to Mitsuru Muraishi, an analyst at Fujitomi Securities, “Oil prices were supported by lower U.S. crude inventories, but gains were limited as some investors were still looking to take profits after the recent rally that hit the highest levels since

April.”
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