2024-02-22T04:56:54+00:00
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/ Oil prices rose slightly on Thursday, clinging to the previous session’s gains that came amid signs of shrinking supplies.
U.S. West Texas Intermediate crude futures rose 17 cents to $78.08 a barrel this month.
By 01:50 GMT, the May contract was up 14 cents at $77.45 a barrel.
Brent crude for April rose 14 cents to $83.17 a barrel, while the May contract added 13 cents to $82.24 a barrel.
Oil prices rose 1% on Wednesday, with near-term crude futures hitting their highest premium in months.
Restarts at refineries in the United States are supporting demand, after a series of outages earlier reduced US refinery utilization rates to a two-year low.
BP’s 435,000-barrel-per-day refinery in Indiana will return to full production in March, according to people familiar with the refinery’s operations, after a power outage that began Feb. 1.
TotalEnergies’ 238,000 barrel-per-day refinery in Port Arthur, Texas, is also working to complete the restart, although it is still operating at minimal capacity after a weather-related power outage.