Oil rose driven by the fall in reserves and economic indicators

Oil rose driven by the fall in reserves and economic indicators

Brent increased by 0.62%, while WTI gained 0.76%, in anticipation of greater demand in the coming weeks.

The prices of Petroleum They rose this Thursday under the impulse of the fall in US crude oil reserves, in addition to hopes of a rebound in demand for fuels in the coming weeks and economic indicators that appear disparate.

The barrel of Brent for delivery in July, reference for fuels in Uruguay, rose 0.62%, to $83.27, while that of West Texas Intermediate (WTI), for supply in June, it gained 0.76% and ended at $79.23.

“We are seeing a small rebound in gasoline prices, as we expect more demand in the coming weeks” with the arrival of the long weekend of Memorial Day next week, which marks the travel season in USA, held Phil Flynn, Price Futures Group analyst.

Prices were also favored by the reduction in Bookings announced on Wednesday, with crude oil inventories falling by 2.5 million barrels in the week ending May 10, according to the Energy Information Agency.

Indicators of the United States economy

Furthermore, according to Flynn, the various indicators released on Thursday painted a mixed picture of the US economy. Weekly requests for unemployment benefit fell, showing that the labor market remains tense.

At the same time, although import prices rose strongly (+0.9% in April), this was offset by the slowness of industrial production, which stagnated last month. “This data suggests that the US central bank may continue to hint that it will cut rates as planned,” Flynn added of the possible behavior of the Federal Reserve.

Meanwhile in Middle East, Israeli troops fought the militants Hamas in all Loop, included Rafah, which had been a civilian shelter. The ceasefire talks, mediated by Qatar and Egypt, are at a stalemate: Hamas demands an end to attacks and Israel refuses until the group is annihilated

Source: Ambito

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