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Oil closed with a slight increase after the fall in inventories in the United States

Oil closed with a slight increase after the fall in inventories in the United States

Despite the data on production, the strengthening of the dollar limited the gains in the value of crude oil.

Image: Freepik

The prices of Petroleum rose slightly on Wednesday as industry data showed a decline in crude and fuel inventories in USA, although that was limited because the dollar The US market strengthened, indicating that demand is coming under pressure.

Crude oil futures Brent rose 42 cents, or 0.5%, to $83.58 a barrel, while U.S. West Texas Intermediate (WTI) They gained 61 cents, or 0.8%, to $78.99 a barrel.

This occurred after, according to government data, crude oil inventories USA They fell by 1.4 million barrels to 459.5 million barrels last week, compared to the reduction of 1.1 million expected by analysts and sector data, which showed an increase of 509,000 barrels.

The refinery utilization rate rose one percentage point, to 88.5% of total capacity, but is still lower than the 91% rate a year ago, before the weekend. Memorial Day at the end of May, which begins the high season of demand for fuels.

“Gasoline demand remains below 9 million barrels a day before the start of the summer driving season. It’s a pretty bleak situation,” he said. Bob Yawger, Mizuho energy director.

In turn, the strength of dollar stopped the purchase of oil for holders of other currencies, while hopes of a ceasefire in Loop They have also put pressure on oil prices. Petroleum in recent sessions, and some analysts claimed that the oil risk premium had decreased in parallel.

USA believes that negotiations on a ceasefire in Gaza should be able to close the gaps between Israel and Hamas.

The director of the US Central Intelligence Agency, Bill Burns, will travel to Israel on Wednesday for talks with the Israeli prime minister, Benjamin Netanyahu and other senior officials, an Israeli official said.

Source: Ambito

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