403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
Oil rates verge higher regardless of weak demand
(MENAFN) In Asian trading on Wednesday, oil prices displayed resilience as they edged higher amidst heightened tensions in the Middle East, even as concerns over weak demand persisted.
Brent crude futures climbed 17 cents, amounting to a 0.16percent increase to reach USD76.60 per barrel by 0615 GMT. Similarly, United States West Texas Intermediate crude saw a gain of 17 cents, or 0.23percent, settling at USD73.37.
Market sources, citing data from the American Petroleum Institute (API), reported a rise in United States crude oil inventories for the week ending August 2. Crude stocks increased by 176,000 barrels, contrary to expectations of a 700,000-barrel decline as forecasted by analysts surveyed by Reuters.
The API figures also indicated significant increases in gasoline and distillate inventories, adding further pressure on oil prices. Gasoline inventories surged by 3.313 million barrels, surpassing analyst projections of a one million barrel drawdown. Meanwhile, distillate stocks rose by 1.217 million barrels, exceeding anticipated builds.
Despite these supply-side factors, oil prices found support from geopolitical tensions in the Middle East, which typically heighten market concerns over potential disruptions to global oil supply chains.
On Tuesday, Saudi Aramco reported a 3.4percent decrease in second-quarter profit, reflecting broader economic pressures impacting the oil industry amid fluctuating market dynamics.
Investors are now awaiting the release of the United States Energy Information Administration's (EIA) weekly inventory data, scheduled for 10:30 a.m. (1430 GMT) on Wednesday, to gauge further insights into the state of United States oil inventories and potential market impacts. The data release is expected to provide clarity on whether recent inventory builds will continue to influence oil price movements amidst ongoing global economic uncertainties.
Brent crude futures climbed 17 cents, amounting to a 0.16percent increase to reach USD76.60 per barrel by 0615 GMT. Similarly, United States West Texas Intermediate crude saw a gain of 17 cents, or 0.23percent, settling at USD73.37.
Market sources, citing data from the American Petroleum Institute (API), reported a rise in United States crude oil inventories for the week ending August 2. Crude stocks increased by 176,000 barrels, contrary to expectations of a 700,000-barrel decline as forecasted by analysts surveyed by Reuters.
The API figures also indicated significant increases in gasoline and distillate inventories, adding further pressure on oil prices. Gasoline inventories surged by 3.313 million barrels, surpassing analyst projections of a one million barrel drawdown. Meanwhile, distillate stocks rose by 1.217 million barrels, exceeding anticipated builds.
Despite these supply-side factors, oil prices found support from geopolitical tensions in the Middle East, which typically heighten market concerns over potential disruptions to global oil supply chains.
On Tuesday, Saudi Aramco reported a 3.4percent decrease in second-quarter profit, reflecting broader economic pressures impacting the oil industry amid fluctuating market dynamics.
Investors are now awaiting the release of the United States Energy Information Administration's (EIA) weekly inventory data, scheduled for 10:30 a.m. (1430 GMT) on Wednesday, to gauge further insights into the state of United States oil inventories and potential market impacts. The data release is expected to provide clarity on whether recent inventory builds will continue to influence oil price movements amidst ongoing global economic uncertainties.
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.
Most popular stories
Market Research
More Story
Comments
No comment