Oil Falls In Price After Rising Prices Day Before
Date
6/21/2024 5:20:15 AM
(MENAFN- UkrinForm) On Friday, June 21, oil prices are falling slightly after rising in the previous session due to data on the decline in US stocks.
This was reported by enkorr , according to Ukrinform.
The cost of August futures for brent on the London ICE Futures exchange is $85.63 per barrel, which is $0.08 (0.09%) lower than at the close of the previous trading. On Thursday, these contracts rose in price by $0.64 (0.8%) to $85.71 per barrel, the highest since April 30.
August futures for WTI in electronic trading on the New York Mercantile Exchange (NYMEX) decreased in price by $0.06 (0.07%) to $81.23 per barrel. As a result of the previous session, the value of these contracts increased by $0.58 (0.7%) to $81.29 per barrel.
Since the beginning of this week, both Brent and WTI have risen in price by about 4%.
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Commercial oil inventories in the United States last week decreased by 2.55 million barrels, the country's Energy Department reported on Thursday. Gasoline inventories decreased by 2.28 million barrels, distillate stocks - by 1.73 million barrels.
In addition to the data on the decline in US stocks, the oil market is supported by signals of growing demand for petroleum products in the country. According to the American Automobile Association, a record number of Americans will travel this year during the US Independence Day holiday.
"Overall, the EIA data suggests a tightening US oil market," said Vivek Dhar, an analyst at Commonwealth Bank of Australia, quoted by Bloomberg . "over the near term, we think China's oil demand growth disappointing market expectations is the key downside risk to consider".
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