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Oil rates rise amid forecasts of declining US crude inventories
(MENAFN) On Wednesday, oil prices rose amid forecasts of declining U.S. crude and gasoline inventories and concerns about a potential escalation in Middle East conflicts that could disrupt global oil supplies. brent crude futures increased by 30 cents to USD80.99 a barrel, while U.S. West Texas Intermediate (WTI) crude futures gained 38 cents to USD78.73.
Market sources reported expectations of a reduction in U.S. crude oil and gasoline inventories for the previous week, based on data from the American petroleum Institute. Crude inventories were said to have fallen by 5.21 million barrels, while gasoline stocks decreased by 3.69 million barrels, and distillate inventories rose by 612,000 barrels.
Lower inventory levels could indicate rising demand in the U.S., the world's largest oil consumer. Official data from the Energy Information Administration is anticipated later on Wednesday. In the geopolitical arena, the U.S. Navy has dispatched warships and a submarine to the Middle East in response to tensions following the assassination of Hamas leader Ismail Haniyeh, reportedly attributed to Israel.
Analysts caution that an expansion of the regional conflict could affect oil supplies from Iran and neighboring countries, potentially leading to reduced inventories and higher prices. The International Energy Agency maintained its global oil demand growth forecast for 2024 but lowered its projections for 2025, attributing the adjustment to weak Chinese economic conditions impacting consumption.
Market sources reported expectations of a reduction in U.S. crude oil and gasoline inventories for the previous week, based on data from the American petroleum Institute. Crude inventories were said to have fallen by 5.21 million barrels, while gasoline stocks decreased by 3.69 million barrels, and distillate inventories rose by 612,000 barrels.
Lower inventory levels could indicate rising demand in the U.S., the world's largest oil consumer. Official data from the Energy Information Administration is anticipated later on Wednesday. In the geopolitical arena, the U.S. Navy has dispatched warships and a submarine to the Middle East in response to tensions following the assassination of Hamas leader Ismail Haniyeh, reportedly attributed to Israel.
Analysts caution that an expansion of the regional conflict could affect oil supplies from Iran and neighboring countries, potentially leading to reduced inventories and higher prices. The International Energy Agency maintained its global oil demand growth forecast for 2024 but lowered its projections for 2025, attributing the adjustment to weak Chinese economic conditions impacting consumption.
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