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Oil price hike
- Time: 10/14/2021 08:38:27
- Reading: 1,183 times
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{Economic: Al Furat News} Oil prices rose on Thursday, as a larger-than-expected drawdown in US gasoline and distillate stocks led to purchases.
Prices were also boosted by expectations that higher natural gas prices with the approach of winter would lead to a shift to oil to meet heating demand.
Brent crude futures rose 60 cents, or 0.72 percent, to $83.78 a barrel at 05:20 GMT, after falling 0.3 percent on Wednesday.
US West Texas Intermediate crude futures rose 54 cents, or 0.67%, to $80.98 a barrel, after falling 0.3% the previous day.
The American Petroleum Institute (API) said on Wednesday that US crude stocks rose by 5.2 million barrels for the week ending October 8, but gasoline stocks fell by 4.6 million barrels and distillate stocks fell by 2.7 million barrels.
With OPEC+ sticking to an existing agreement on a gradual increase in oil production and some OPEC countries losing their quota, supply will remain tight and oil prices will remain on an upward trend at least until the next OPEC+ meeting.
Investors are also betting that higher gas prices will encourage power generators to switch to oil as the winter demand season approaches.
[You must be registered and logged in to see this link.]
{Economic: Al Furat News} Oil prices rose on Thursday, as a larger-than-expected drawdown in US gasoline and distillate stocks led to purchases.
Prices were also boosted by expectations that higher natural gas prices with the approach of winter would lead to a shift to oil to meet heating demand.
Brent crude futures rose 60 cents, or 0.72 percent, to $83.78 a barrel at 05:20 GMT, after falling 0.3 percent on Wednesday.
US West Texas Intermediate crude futures rose 54 cents, or 0.67%, to $80.98 a barrel, after falling 0.3% the previous day.
The American Petroleum Institute (API) said on Wednesday that US crude stocks rose by 5.2 million barrels for the week ending October 8, but gasoline stocks fell by 4.6 million barrels and distillate stocks fell by 2.7 million barrels.
With OPEC+ sticking to an existing agreement on a gradual increase in oil production and some OPEC countries losing their quota, supply will remain tight and oil prices will remain on an upward trend at least until the next OPEC+ meeting.
Investors are also betting that higher gas prices will encourage power generators to switch to oil as the winter demand season approaches.
[You must be registered and logged in to see this link.]
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