Oil rates surge marginally with lower than estimated US inve...| MENAFN.COM

Wednesday, 01 February 2023 03:34 GMT

Oil rates surge marginally with lower than estimated US inventory


(MENAFN) Oil rates indicated a margin surge on Thursday following US crude inventory jumped lower than estimated, backing request optimism.

International benchmark Brent crude sold at USD86.25 a barrel as of 9.24 AM regional time (0624 GMT), a 0.15 percent rise from the ending price of USD86.12 per barrel in the last exchange session.

The American benchmark West Texas Intermediate (WTI) sold at USD80.46 a barrel at the same time, a 0.39 percent earn following the prior session ended standing at USD80.15 per barrel.

US commercial crude oil inventories surged by 0.1 percent throughout the week closing on the 20th of January, as shown by figures issued by the Energy Information Administration (EIA) late Wednesday.

Inventories jumped nearly 500,000 barrels to reach 448.5 million barrels, versus the market anticipations of a rise of about 3.4 million barrels.

On the provision side, market players are anticipating an EU sanction on Russian refined outputs and OPEC+ gathering.

MENAFN26012023000045014228ID1105479317


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.