2024-07-22 04:04:09
Oil prices continue to rise on data showing a reduction in fuel reserves in the US for the third week in a row, Day.Az reports with reference to Interfax.
The last time such a prolonged period of decline was recorded was in September last year, with the fall in oil reserves exceeding market expectations.
In addition, recent statements by Federal Reserve officials have increased expectations that the US Central Bank will cut its base rate in September. This will help boost economic growth and, accordingly, lead to increased demand for energy resources, writes Trading Economics.
By 09:05 Baku time, September Brent futures on London’s ICE Futures exchange rose by $0.37 (0.4%) to $85.45. On Wednesday, Brent rose by $1.35 (1.6%) to $85.08 per barrel.
By this time, August futures for WTI had risen in price on the electronic trading of the New York Mercantile Exchange NYMEX by $0.57 (0.7%) to $83.42 per barrel. During the previous session, the contract had risen in price by $2.09 (2.6%) to $82.85 per barrel.
U.S. commercial crude inventories fell by 4.87 million barrels last week. Gasoline inventories rose by 3.33 million barrels, and distillates by 3.45 million barrels. Experts expected an increase in crude inventories by 0.8 million barrels, as well as a reduction in gasoline inventories by 1.7 million barrels, and distillates by 0.5 million barrels, according to Trading Economics.
Analysts surveyed by S&P Global Commodity Insights had forecast a rise in crude oil inventories of 0.54 million barrels and a decline in gasoline and distillate inventories of 0.7 million barrels and 0.59 million barrels, respectively.
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