Oil headed for second straight week higher

Oil headed for second straight week higher
Oil headed for second straight week higher

The prices of Petroleum They operated with little variation on Friday, but were on track to rise for the second consecutive week, in a context of improving demand and falling crude and fuel inventories in USAthe world’s largest consumer of hydrocarbons.

The futures of Brent crude oil for August they lost 6 cents to $85.65 a barrel at 11:00 GMT, while US crude futures West Texas Intermediate (WTI) for delivery in August they fell 5 cents to $81.24.

“The seasonal increase in demand, as shown by the latest data from the United States Energy Information Administration (EIA)the renewed confrontation between Israel and Hezbollahand hurricane season could keep prices strong through the summer, analysts at Citi in a note.

EIA data released Thursday showed that total product supplied, a proxy for demand for Petroleum of the country, increased by 1.9 million barrels per day (bpd) in the week ending June 14, to 21.1 million bpd.

The EIA report showed US crude stockpiles fell by 2.5 million barrels over the week to 457.1 million barrels, versus analysts’ expectations for a drop of 2.2 million.

The inventories of gasoline They fell by 2.3 million barrels, to 231.2 million, according to the EIA, compared to forecasts of an increase of 600,000 barrels.

The demand outlook also contributed to the rise in oil prices. Petroleum.

This week, the leader of the Lebanese group Hezbollah promised an all-out conflict with Israel in the event of a cross-border war and threatened for the first time Cyprusmember of the European Union (EU).

In the United States, data released on Thursday showed a decline in new jobless claims, which could lead to Federal Reserve to keep interest rates unchanged. Higher interest rates often limit economic growth and, in turn, oil demand.

Source: Ambito

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